Here’s good news. The market spoke last night, and decided that the best stock investment in history was a Big Three auto manufacturer? A sprawling steel conglomerate? An energy giant? A monster retailer? A grain merchant to the world or a global pharmaceutical company?
No, it was Visa, whose motto isn’t but ought to be, “Your Debt is Our Product.”
NEW YORK (Fortune) — Visa buyers paid a whopping $17.9 billion, or $44 a share, when the company priced its initial public offering Tuesday evening…The San Francisco-based credit card processor became the largest IPO ever, surpassing the $11 billion record held by AT&T wireless as well as its own $37 to $42 a share price range.
Yes, money never vanishes, it just gets redistributed ...
Posted by: Peter on March 19, 2008 1:50 PMSeriously, could somebody please explain why anyone would buy stock in a company whose business is to extend credit to people who are increasingly unlikely to pay their debts?
Posted by: Martha Bridegam on March 19, 2008 11:40 PM