Do you have adblock enabled?
 
If you can read this, either the style sheet didn't load or you have an older browser that doesn't support style sheets. Try clearing your browser cache and refreshing the page.

(Bloomberg)   "I'm not crying," wrote a senior Etsy engineer. "I'm just allergic to capitalism" - well, maybe you should have thought of that before you cashed in your options after the IPO   ( bloomberg.com) divider line
    More: Facepalm, Etsy, Dickerson, Etsy sellers, company, prominent Etsy sellers, straight years-and Etsy, Etsy employees, Etsy Inc.  
•       •       •

2737 clicks; posted to Business » on 19 May 2017 at 7:23 AM (26 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



55 Comments     (+0 »)
 
View Voting Results: Smartest and Funniest


Oldest | « | 1 | 2 | » | Newest | Show all

 
2017-05-19 06:40:25 AM  
That's a whole lot of words to tell yet another story of Wall street doing its damnedest to ruin a business for personal gain.  This attitude that "the investor is always right" is going to be the death of American-style capitalism.
 
2017-05-19 07:12:50 AM  
Meh, something else will rise up in its place and maybe it won't be stupid enough to go public.
 
2017-05-19 07:44:41 AM  

BumpInTheNight: That's a whole lot of words to tell yet another story of Wall street doing its damnedest to ruin a business for personal gain.  This attitude that "the investor is always right" is going to be the death of American-style capitalism.


When all you care about is profit, morals and ethics be damned
 
2017-05-19 07:49:36 AM  
conventional, shareholder-focused company

Oh FFS.

BumpInTheNight: That's a whole lot of words to tell yet another story of Wall street doing its damnedest to ruin a business for personal gain.

I don't think Wall Street even had a fair shot to fark things up.  I mean, it would've, but it was also just the sort of business model that would lose brand value the instant it went public.

People don't need to be told that a place like Wal-mart is willing to cut ethical corners.  Their customers make up all sorts of bullshiat to justify shopping there, but they intuitively know what they're getting -- cheap shiat for low cost made in third-world sweatshops.  Etsy was the polar opposite of the big box store model.  Sure it could be restructured to sell commodities, but at that point it loses every penny of its brand value and is now competing with the Amazon.coms and Wal-marts.
 
2017-05-19 08:11:59 AM  
Interesting quote from a middleman.
 
2017-05-19 08:53:49 AM  
Sad Etsy Boyfriends might be the best tumblr site ever. Too bad it isn't being kept up anymore.
 
2017-05-19 08:59:16 AM  

Dick Gozinya: Sad Etsy Boyfriends might be the best tumblr site ever. Too bad it isn't being kept up anymore.


Wasn't there also a blog that tracked Chinese sweat-shop junk being passed off as handmade?
 
2017-05-19 09:02:37 AM  

BMFPitt: Interesting quote from a middleman.


As somebody who actually does make and sell stuff out of my garage (although not on Etsy) I will point out that having a sales platform - especially one that manages paypment processing and shipping - actually IS a value-add. I might not "like" it exactly, but every cent I spend on eBay and Paypal fees is ultimately money well-spent. Convenience for me, convenience for my customer, secure payments, etc.
 
2017-05-19 09:06:01 AM  
The incredibly sad part is that every failed attempt to thwart the stage 4 capitalism game gives more fuel to the delusional fire of shareholder value :/

/the one that will eventually engulf us all in its flames
 
2017-05-19 09:14:12 AM  
Etsy: Where I once went looking for mustard glasses that match ones used in an episode of Trailer Park Boys, found them for $16 a piece, then found the same glasses from the same manufacturer for sale on Amazon as a set of 8 for $16 total. New. Manufactured in the last 3-4 years.

They were labeled 'vintage', among other things.

fark Etsy.
They want all the benefits of selling 'artisanal' or 'vintage' or 'hand-made' or 'renewable' or 'upcycled' stuff but without any of the responsibility of policing what's listed to see if it really is.
 
2017-05-19 09:15:38 AM  
So you sell your company and then are surprised when those people want a say in how the company behaves. Talk about dumbasses.
 
2017-05-19 09:21:37 AM  

Russ1642: So you sell your company and then are surprised when those people want a say in how the company behaves. Talk about dumbasses.

I don't think the rank and file had much of a say.  It remains to be seen, though, if the investors were smart.  If they are there's a lot of fleecing they can get away with, but if they go all Wall Street on the brand they just bought, their investment is going to crater.
 
2017-05-19 09:29:02 AM  

dv-ous: As somebody who actually does make and sell stuff out of my garage (although not on Etsy) I will point out that having a sales platform - especially one that manages paypment processing and shipping - actually IS a value-add. I might not "like" it exactly, but every cent I spend on eBay and Paypal fees is ultimately money well-spent. Convenience for me, convenience for my customer, secure payments, etc.


Obviously.  I was just pointing out the lack of self awareness.
 
2017-05-19 09:30:22 AM  
"As you can see from the picture, I've had this crocheted bikini bottom wrapped around my own hippie-hairy pissflaps.  Buy it and put it on, why don't you?"
 
2017-05-19 09:30:52 AM  
Regretsy?
 
2017-05-19 09:41:30 AM  

BumpInTheNight: That's a whole lot of words to tell yet another story of Wall street doing its damnedest to ruin a business for personal gain.  This attitude that "the investor is always right" is going to be the death of American-style capitalism.


Not sure how you get around it.   The Board of Directors is usually comprised of the largest investors and politically connected rent collectors, compensated with stock shares and stock options.  The long term best interests of the company isn't either of their priority.

Fark the second group, pretty sure you could get enough people behind legislation ending that, but removing a majority owner from influence, that would be the end of capitalism as we know it, that isn't happening any time soon.

Labor representation on the board of directors is probably a good idea, just don't use the 'U' word, people will lose their shiat.
 
2017-05-19 09:44:16 AM  

Petite Mel: Dick Gozinya: Sad Etsy Boyfriends might be the best tumblr site ever. Too bad it isn't being kept up anymore.

Wasn't there also a blog that tracked Chinese sweat-shop junk being passed off as handmade?


Why can't Chinese sweat-shop junk also be handmade?

/on another note, too many nginx errors on fark lately.  Am I the only one?
 
2017-05-19 09:59:29 AM  

BumpInTheNight: That's a whole lot of words to tell yet another story of Wall street doing its damnedest to ruin a business for personal gain.  This attitude that "the investor is always right" is going to be the death of American-style capitalism.


The headline says all you need to say. Don't take a company public if you have no intention of making a profit. Something about cake and eating it too.
 
2017-05-19 10:07:38 AM  

dragonchild: Russ1642: So you sell your company and then are surprised when those people want a say in how the company behaves. Talk about dumbasses.
I don't think the rank and file had much of a say.  It remains to be seen, though, if the investors were smart.  If they are there's a lot of fleecing they can get away with, but if they go all Wall Street on the brand they just bought, their investment is going to crater.


My point is that you can't sell something and also maintain full control of it.

/software is an exception
 
2017-05-19 10:10:37 AM  

BumpInTheNight: That's a whole lot of words to tell yet another story of Wall street doing its damnedest to ruin a business for personal gain.  This attitude that "the investor is always right" is going to be the death of American-style capitalism.


It's bad enough that they put a gun to Etsy's head and forced them to take their money, but now they're expecting that the company be well run and hopefully turn a profit one day?    This is outrageous!
 
2017-05-19 10:10:47 AM  
img.fark.netView Full Size
 
2017-05-19 10:19:20 AM  
Etsy Executives & Managers at IPO:  We have a great business model and things are only looking up!!    We're looking at scalability with potentially huge upside   We see sales and gross margins increasing rapidly in the near future.  Come invest your capital into us,  become owners in our business, and you'll be rewarded nicely.

(*time passes*)

Business Owners:  Eh, things haven't worked out.  Your business kind of sucks.  Your management is bad.  As the owners who poured money into business, we are going to need changes to try to make this business profitable.

Etsy Executive & Managers:  Begone, you capitalist swine !!!   Power to the proletariat !!!!  Viva La Revolucion !!!
 
2017-05-19 10:24:09 AM  

justinguarini4ever: BumpInTheNight: That's a whole lot of words to tell yet another story of Wall street doing its damnedest to ruin a business for personal gain.  This attitude that "the investor is always right" is going to be the death of American-style capitalism.

The headline says all you need to say. Don't take a company public if you have no intention of making a profit. Something about cake and eating it too.


Well, the other side of that is that Etsy was growing fast and needed money to finance that. You could maybe argue it was a victim of its own success.

I guess that's why we're never allowed to have nice things.
 
kab
2017-05-19 10:34:47 AM  
Anytime an article starts with a Friedman quote, you can be sure that what follows will be a fine example about how flawed our current flavor of capitalism is.
 
2017-05-19 10:39:06 AM  
I thought about investing in Etsy but the thing that nobody can turn around is that: everything they sell is also on Amazon, so just invest in Amazon.
 
2017-05-19 10:55:30 AM  

dragonchild: Russ1642: So you sell your company and then are surprised when those people want a say in how the company behaves. Talk about dumbasses.
I don't think the rank and file had much of a say.  It remains to be seen, though, if the investors were smart.  If they are there's a lot of fleecing they can get away with, but if they go all Wall Street on the brand they just bought, their investment is going to crater.


Never believe that financial professionals are at all competent at their jobs.

<csb>I took a job with a company Suntrust had bought in the 90s when they wanted to get into offering financial securities. The particular company they bought was actually a very good purchase - it had a net profit in the 8 figures against an office of less than 80 people. It took Suntrust less than 3 months for the total value of said company to be zero. You see, rather than saying "keep doing whatever it is you're doing and send us a check every quarter", Suntrust thought they could "fix" the company (their words), and in doing so the entire trading staff left, took HR and AP with them, and started a new company. I was able to GTFO of there and take a job with a much better company</csb>

I could put up a laundry list of all the stupid crap they did to destroy their purchase, but the point really is that incompetence is everywhere.
 
2017-05-19 10:56:03 AM  

InmanRoshi: now they're expecting that the company be well run and hopefully turn a profit one day?

Well, turn a profit one day, anyway.
 
2017-05-19 11:01:42 AM  

Promo Sapien: "As you can see from the picture, I've had this crocheted bikini bottom wrapped around my own hippie-hairy pissflaps.  Buy it and put it on, why don't you?"


Etsy is not your personal erotica site.
 
2017-05-19 11:04:09 AM  

BumpInTheNight: That's a whole lot of words to tell yet another story of Wall street doing its damnedest to ruin a business for personal gain.  This attitude that "the investor is always right" is going to be the death of American-style capitalism.


The invester is always greedy and self serving. He prefers living off someone elses labor.
 
2017-05-19 11:04:34 AM  

Carousel Beast: the entire trading staff left, took HR and AP with them, and started a new company.

You know, I've often pondered this as a business model.  Well, not so much a business model as a way of making money off the rentier class.  Create company, build up value, sell company to investors, leave en masse, repeat.

It'd be taking everyone who believes in Wall Street dogma to the cleaners, but it'd be legal and even ethical because you're only selling them the part they want.  Shareholders never think employees have anything to do with a brand's value.  They think they're just buying a brand -- assets & a customer base, fark they don't even give a shiat about the supply chain.  They think any pack of contractor monkeys can run it -- the cheaper, the better.  Well, if that's the case, might as well make money off that derp.
 
2017-05-19 11:24:24 AM  
On the one hand I guess it's OK for Etsy to run like it wants to and set its own priorities.

On the other hand, if that's the case then they all should have sold their shares on day 1 after the IPO, because stock price is built on the assumption of FUTURE gains, and if your company doesn't intend to operate in a way that will maximize the likelihood of that happening, then you shouldn't expect the stock price to go up.
 
2017-05-19 11:24:47 AM  

youre killing independent george: Etsy: Where I once went looking for mustard glasses that match ones used in an episode of Trailer Park Boys, found them for $16 a piece, then found the same glasses from the same manufacturer for sale on Amazon as a set of 8 for $16 total. New. Manufactured in the last 3-4 years.

They were labeled 'vintage', among other things.

fark Etsy.
They want all the benefits of selling 'artisanal' or 'vintage' or 'hand-made' or 'renewable' or 'upcycled' stuff but without any of the responsibility of policing what's listed to see if it really is.


Cadillac emperor, boys.
Two smokes, let's go.
 
2017-05-19 11:27:10 AM  

Petite Mel: Dick Gozinya: Sad Etsy Boyfriends might be the best tumblr site ever. Too bad it isn't being kept up anymore.

Wasn't there also a blog that tracked Chinese sweat-shop junk being passed off as handmade?


Regretsy. Also no longer being kept up.
 
2017-05-19 11:48:49 AM  

youre killing independent george: Etsy: Where I once went looking for mustard glasses that match ones used in an episode of Trailer Park Boys, found them for $16 a piece, then found the same glasses from the same manufacturer for sale on Amazon as a set of 8 for $16 total. New. Manufactured in the last 3-4 years.

They were labeled 'vintage', among other things.

fark Etsy.
They want all the benefits of selling 'artisanal' or 'vintage' or 'hand-made' or 'renewable' or 'upcycled' stuff but without any of the responsibility of policing what's listed to see if it really is.


Agreed.   I was once searching the internet for a for a cheap but interesting looking pocket watch for a Halloween costume.  I found a bunch of them on Etsy.  But then I also stumbled across the website for the Chinese wholesaler that sold all of those watches in bulk, and the unit price worked out to around half of what they were going for on Etsy.  It has turned into another venue for cheap and mass produced items.  "Unique!" and "Handmade!" are mostly marketing slogans now.

But also, this made me laugh

img.fark.netView Full Size
 
2017-05-19 11:53:38 AM  

Tom-Servo: Petite Mel: Dick Gozinya: Sad Etsy Boyfriends might be the best tumblr site ever. Too bad it isn't being kept up anymore.

Wasn't there also a blog that tracked Chinese sweat-shop junk being passed off as handmade?

Why can't Chinese sweat-shop junk also be handmade?

/on another note, too many nginx errors on fark lately.  Am I the only one?


Handmade means made by Americans.  Other people aren't important.
 
2017-05-19 01:10:47 PM  

You're the jerk... jerk: Tom-Servo: Petite Mel: Dick Gozinya: Sad Etsy Boyfriends might be the best tumblr site ever. Too bad it isn't being kept up anymore.

Wasn't there also a blog that tracked Chinese sweat-shop junk being passed off as handmade?

Why can't Chinese sweat-shop junk also be handmade?

/on another note, too many nginx errors on fark lately.  Am I the only one?

Handmade means made by Americans.  Other people aren't important.


Oh hell no. I'm an American - I build and program robots, they build my unique and artistic wine racks. It's a fair deal.
 
2017-05-19 01:14:03 PM  

dragonchild: You know, I've often pondered this as a business model.  Well, not so much a business model as a way of making money off the rentier class.  Create company, build up value, sell company to investors, leave en masse, repeat.


This sounds like a brilliant plan as long as you can repeatedly create companies worth buying that are entirely based on the people working there, who will go along with your plan, and does not rely on any IP you create.

Good luck.
 
2017-05-19 01:17:39 PM  

BMFPitt: This sounds like a brilliant plan as long as you can repeatedly create companies worth buying that are entirely based on the people working there, who will go along with your plan, and does not rely on any IP you create.

The video game industry's kind of turning into this already.
 
2017-05-19 01:42:38 PM  
" In his view, Etsy should have focused more explicitly on helping sellers increase their revenue rather than creating, as New York magazine put it, "an extremely cozy private welfare state" for employees"

Seriously, guy?  fark you.
 
2017-05-19 02:00:36 PM  

Pentaxian: Promo Sapien: "As you can see from the picture, I've had this crocheted bikini bottom wrapped around my own hippie-hairy pissflaps.  Buy it and put it on, why don't you?"

Etsy is not your personal erotica site.


That is where you are wrong, my friend.  I have a major thing for macaroni art, poorly-woven $280 belts, spraypainted seashells and amateurish homemade leather cosplay armor, but crocheted bikini bottoms on saggy-assed, delusional "independent artists," man, those really get me hard.  In fact, excuse me, I need to use the restroom for 15 minutes or so.

/BEATS OFF
//SELLS SOCK ON ETSY
 
2017-05-19 02:12:58 PM  

youre killing independent george: Etsy: Where I once went looking for mustard glasses that match ones used in an episode of Trailer Park Boys, found them for $16 a piece, then found the same glasses from the same manufacturer for sale on Amazon as a set of 8 for $16 total. New. Manufactured in the last 3-4 years.

They were labeled 'vintage', among other things.

fark Etsy.
They want all the benefits of selling 'artisanal' or 'vintage' or 'hand-made' or 'renewable' or 'upcycled' stuff but without any of the responsibility of policing what's listed to see if it really is.


I'm sorry you got taken, Jacob, but lower that glass in front of Julian.  Have some respect.
 
2017-05-19 02:27:51 PM  
(Starboard Value LP, which successfully pushed Yahoo! Inc. to sell itself to Verizon Communications Inc. earlier this year, did so with a 1.7 percent stake.)

I miss the heady days when it actually took a 51% stake to run a company into the ground
 
2017-05-19 02:55:11 PM  

kab: Anytime an article starts with a Friedman quote, you can be sure that what follows will be a fine example about how flawed our current flavor of capitalism is.


I find it funny that everything that was created that makes posting messages on this board came from a capitalist country. Our capitalist system is the reason people have the time to sit here and biatch about capitalism.
 
2017-05-19 02:56:34 PM  

The All-Powerful Atheismo: (Starboard Value LP, which successfully pushed Yahoo! Inc. to sell itself to Verizon Communications Inc. earlier this year, did so with a 1.7 percent stake.)

I miss the heady days when it actually took a 51% stake to run a company into the ground


Yahoo did a pretty solid job running itself into the ground without any help.
 
2017-05-19 03:10:15 PM  

quizzical: But then I also stumbled across the website for the Chinese wholesaler that sold all of those watches in bulk, and the unit price worked out to around half of what they were going for on Etsy.  It has turned into another venue for cheap and mass produced items.  "Unique!" and "Handmade!" are mostly marketing slogans now.


Yeah, buying things direct from China has seen a huge boost to my 'stuff I wear all the time because I don't care if it breaks' collection.  OTOH, Etsy still offers some real finds, like the woman selling pendents referencing one of my all-time favorite movies.

youfail.comView Full Size


/sorry for the size
//said the Bishop to the actress
 
2017-05-19 03:11:02 PM  

twistedsteel5252: I thought about investing in Etsy but the thing that nobody can turn around is that: everything they sell is also on Amazon, so just invest in Amazon.


Amazon is not always the cheapest.
 
2017-05-19 03:19:08 PM  

K.B.O. Winston: like the woman selling pendents referencing one of my all-time favorite movies.


The pendant is just a red herring
 
2017-05-19 03:29:33 PM  
The All-Powerful Atheismo:  The pendant is just a red herring

I'm thinking of asking her to make a second one:

HOW

MUCH

KEEFFE

IS IN

THIS

MOVIE

 
2017-05-19 03:45:09 PM  

mrsleep: kab: Anytime an article starts with a Friedman quote, you can be sure that what follows will be a fine example about how flawed our current flavor of capitalism is.

I find it funny that everything that was created that makes posting messages on this board came from a capitalist country. Our capitalist system is the reason people have the time to sit here and biatch about capitalism.


And yet, the capitalism of Adam Smith always had corporations placed in society with social responsibilities. Then, Hayek and Friedman followers turned it into "money rulez, people foolz".
 
2017-05-19 03:55:50 PM  
One of the best reasons to keep your corporation private is to keep the rent taking, mafia shyster leeches from ruining your long term planning. Most investors have no clue why you keep a certain amount of profit in house. They always want it now.
 
Displayed 50 of 55 comments


Oldest | « | 1 | 2 | » | Newest | Show all


View Voting Results: Smartest and Funniest

This thread is archived, and closed to new comments.

Continue Farking

On Twitter





Top Commented
Javascript is required to view headlines in widget.
  1. Links are submitted by members of the Fark community.

  2. When community members submit a link, they also write a custom headline for the story.

  3. Other Farkers comment on the links. This is the number of comments. Click here to read them.

  4. Click here to submit a link.

Report