Groupon Propped Up With Lowest Internet Float in a Decade

These articles about the Groupon IPO all seem to have the same feel, reporting some chicanery that doesn't definitively suggest that the stock is a turd, but do suggest that the financeers behind this business are treating the entire thing as an exercise in cashing out quickly.

I strongly suspect that investment bankers are playing Pump'n'Dump Bingo with Groupon, which is a little like Buzzword Bingo: Each player throws $10,000 in the pot and gets a bingo card. The squares have random stock promotion events on them, like "restates earnings," "cancels road show" or "Cxx resigns." The first person who gets five in a row collects the pot.

Right now, the players are checking their cards for "Low float."

Just when you thought it couldn't get worse...

Groupon is just a slow-motion train wreck (which everyone still seems to want to get a ride on, oddly).