A reader and commentator has mistaken the numbers that Wonks Anonymous produced as an example of how IPOs work for an assertion about the actual dollar values on the EBay IPO.

That was not Wonks Anonymous intent. The reader goes on:

Anybody who can use Google knows that the EBay IPO had a price on the opening day of $50 vs. $18 for the pre-IPO subscription. Now a 180% price-jump is pretty unheard-of and indicates that Whitman didn't fulfill her duties as a CEO and Goldman was careless in its IPO pricing — but it is nowhere near the 10000% markup that you try to insinuate here (which would be obviously fraudulent etc).

Which would be a  fine standard conservative trope. I caught you in something that I can portray as a goof and therefore you are entirely wrong about everything.

As a matter of fact the reader with the good Google skills seems just a tad naive to Wonks Anonymous. Either Whitman has the business acumen of, say GW Bush, or she participated in a gross abuse of power delegated to her by the EBay in order to secure financial benefits for herself and her cronies.

When it comes to governance stupid is just as bad as corrupt.

Full story is here. Read and make your own judgments.