[jdthomas]

Exactly! This feels like a "scam" to skirt the rules of the SEC.

> “The IPO market is dying,” he said. “You see companies achieving robust valuations on the private market but being treated poorly when they go public.” (We’re looking at you, Groupon and Zynga.)

Zynga and Groupon were "treated poorly" because their numbers showed that they were NO WHERE NEAR as profitable as they wanted us to believe when they were private (and secrete). I suspect Facebook, also has highly inflated valuation in these "second markets" where information is scarce.