The scams were dressed as massively inflated IPOs for companies that absolutely never stood a chance. They needed Goldman or somebody like it in on the deal. E

The scams were dressed as massively inflated IPOs for companies that absolutely never stood a chance. They needed Goldman or somebody like it in on the deal. Everybody had to put on a suit. It was industrial. Now it’s a cottage industry of petty grifters exiled from multi level marketing, plus a few big Silicon Valley institutions that turned to the dark side: A16Z springs to mind. Not much has changed, only the direct to consumer nature of the scams without needing an investment bank in the mix. Same old game.