by Karl Denninger, Market Ticker:
You see, in the vested interest of the Saudi government, the Aramco IPO, which is getting its first launch in Saudi Arabia, has to be very successful. That’s because when they go to exchange outside of Saudi Arabia, the oil company will look more attractive.
To assure this success, it seems that the Saudi government offered a little — I wouldn’t call it coercion — but perhaps a friendly little, shall we say, invitation to invest a boatload of money from some of the many princes’ personal coffers. I wouldn’t say the Saudi government exactly used what you might call high-pressure sales tactics, but let’s just say that they made some princes an offer that they can’t refuse.
I know how I would see this, and how we should see this.
This “IPO” should be instantly blackballed in the United States from ever being listed and ever being traded, as an ADR or otherwise, on any US linked exchange.
If it’s not then just nuke it all from orbit right now, because you will have hard proof in front of you that valuation does not matter, coercion doesn’t matter, even being chopped up with a saw while still alive and discarded somewhere out of a KSA embassy doesn’t matter.
Remember, KSA did that too.
How about Mr. Trump and the US Congress?
Got a pair of balls or are you just as jackbooted and corrupt as they are?