Halt the Bungled Google IPO
Opinion: The SEC should keep the Google IPO on hold for as long as it takes to clarify the legal consequences of the company's inexplicable failure to properly register 23 million shares and 5.6 million stock options.Its astounding that Google is prepared to blithely follow through this week with its long-ballyhooed and apparently grossly bungled initial public stock offering, even as the Securities and Exchange Commission and individual states are starting legal inquiries. Google Inc. is convinced that the huge sums of money it stands to make from this IPO will readily paper over whatever blunders it made in failing to register 23 million shares and 5.6 million options. But I seem to recall that people usually get arrested, prosecuted and sentenced to prison for selling unregistered stock. However, Google appears to be saying that the legal niceties shouldnt matter because it was all due to an innocent mistake. In other words, lets do the IPO now and pick up the pieces later.
Besides, its not as though Google is a fraudulent concern with no real assets or business prospects. The companys success as the most popular search engine on the Internet promises to send the initial stock price well over $100 per sharea stratospheric level not seen since the height of the dot-com bubble.