[quote='admin' pid='13604' dateline='1354247392']
Lib, it's simply like this. Whatever one has against Mulacek, he's a guy that has build a business from scratch, and in the process created benefits for a good many others, not in the least PNG. This is how capitalism is supposed to work. It's Adam Smith's invisible hand, acting in one's self-interest coincides with the common good. This is the creating type of capitalism I ardently support.
Unfortunately it doesn't always work like that.
But these short funds engage simply in a form of redistribution. They don't produce any benefits to society at large, only to themselves and most likely at the cost of smaller shareholders. In fact, insofar as they frustrate people like Mulacek and make it more difficult, they detract for societal welfare. Insofar as they engage in their activities in a semi-legal way (spreading BS stories, shorting nakedly, etc.), the detract much more. They undermine our trust in valuable institutions like our capital markets. Thereby, they make it more difficult for companies like InterOil to get funded. They could even undermine our believe in public institutions, insofar as these are unable or unwilling to deal with these practices, and their success, raking in vast sums of money, they further exhort a corrosive influence on society, as others will follow. This is the rent-seeking, redistributive type of capitalism I abhor.
Beautifully stated by a rumored socialist. " border="0" class="smilie" src="http://shareholdersunite.com/mybb/images/smilies/biggrin.gif" />