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Is Facebook the Largest Corporate Fraud Ever?

Jaw-dropping new post up today on Naked Capitalism, “Facebook: Mark Zuckerberg’s Fake Accounts Ponzi Scheme,” by Aaron Greenspan.

Best quotes:

Old money goes out, and new money comes in to replace it. That’s how a traditional Ponzi scheme works. Madoff kept his going for decades, managing to attain the rank of Chairman of the NASDAQ while he was at it...

Zuckerberg’s version is slightly different, but only slightly: old users leave after getting bored, disgusted and distrustful, and new users come in to replace them. Except that as Mark’s friend and lieutenant, Sam Lessin told us, the “new users” part of the equation was already getting to be a problem in 2012. On October 26, Lessin, wrote, “we are running out of humans (and have run-out of valuable humans from an advertiser perspective)...”

A comprehensive look back at Facebook’s disclosures suggests that of the company’s 12 billion total accounts ever created, about 10 billion are fake...

Facebook is growing the fastest in the locations worldwide where one finds the most fraud. In other other words, Facebook isn’t growing anymore at all—it’s shrinking...

Facebook has been telling advertisers that it can “reach” more people than actually exist…

Facebook is a real product, but like Enron, it’s also a scam, now the largest corporate scandal ever...

Never heard about any of this, until now. Seems huge if true.

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