– Undisputable Bubble Insanity: No Revenue, No Assets Company Up Over $1 Billion (+110%) Today On 57K Shares Traded (ZeroHedge, July 9, 2014):
Just 2 days ago we highlighted the best example of the exuberance awash the markets currently – CYNK Technology Corp, the social media development company that had a market capitalization in excess of $1 billion, which according to official filings, had one employee, no website, no revenue, no product, and no assets. Fast forward 2 days – and some 57,000 shares traded (about 0.02% of its total shares outstanding) at around $10 and CYNK now has a market cap approaching $3 billion (and still no revenue, no product, and no assets)… Lord Overstone said it best. “No warning can save people determined to grow suddenly rich.”
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It used to be that companies had to be traded for a long time, be visited and appraised before being allowed onto the stock market. This story makes clear what corruption has done to US markets, no wonder nobody will invest here any longer. All the safeguards have been removed. Any liar and cheat can go online and become publically traded without any investigation at all.