THE ANGELGATE CONSPIRACY
It is known that the NVCA and The SILICON VALLEY CARTEL have secret meetings and databases in order to collude about who gets what valuation, who gets blacklisted and which competitors get hit-jobs put on them. Federal Law Enforcement now has proof of these illegal corruption activities, up to, and including, manipulating elections.
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This article's lead section may not adequately summarize key points of its contents. Please consider expanding the lead to provide an accessible overview of all important aspects of the article. (May 2014)Angelgate is a controversy[1] surrounding allegations of price fixing and collusion among a group of ten angel investors in the San Francisco Bay Area.[2]
Contents
Emergence[edit]The issue[edit]The scandal began in September 2010 after Michael Arrington, editor of the TechCrunch publication, wrote in his blog that he had been turned away from a secret meeting among so-called "super angels" he knew,[3] held at Bin38, a wine bar in San Francisco's Marina District.[4] The participants at the meeting, among other things, discussed how they could compete with other angels, venture capitalists, and the Y Combinator business incubator for the limited pool of worthy investment opportunities.[5] Arrington said that after the meeting, he had been informed by two of the attendees that the investors had discussed how to fix low valuations for new start-up companies, and how to keep better-funded venture capitalists from investing.[6]
The blog became the subject of discussion among the Silicon Valley start-up community over the next several days.[7][8] Investor Ron Conway, whose business partner attended the meeting, wrote an email highly critical of the angels involved and called the event "despicable and embarrassing".[9] Dave McClure, a well-known angel present at the event,[7] wrote in a blog that Arrington's account was inaccurate, and a tweet (later deleted) complaining about Conway.[10] Chris Sacca wrote a lengthy email that defended the participants and was critical of Conway, which was also leaked to TechCrunch.[11]
Aftermath and critique[edit]Reports arose that the United States Federal Bureau of Investigation began reviewing the incident.[12]
There was skepticism that there was actually any collusion or that price fixing could succeed if it was attempted.[1][13][14] The event also gave rise to various online cultural phenomena. Among other things there was a flash mob at the wine bar, a Hitler Downfall parody, a spike in the establishment's Google rank, a number of Twitter jokes[4] (compiled on question-and-answer site Quora), and so-called "fakeplans" for super-angel meetups on the site plancast.com.[7] On Monday, September 27, 2010, Ron Conway, Dave McClure, Chris Sacca, and others appeared at a panel discussion hosted by Arrington at his "TechCrunch Disrupt" conference in San Francisco[15][16] where, despite Arrington's prodding, they avoided a "Jerry Springer moment".[17]
References[edit]
External links[edit]
Retrieved from "https://en.wikipedia.org/w/index.php?title=Angelgate&oldid=661225082"
Categories:
Jump to: navigation, search
This article's lead section may not adequately summarize key points of its contents. Please consider expanding the lead to provide an accessible overview of all important aspects of the article. (May 2014)Angelgate is a controversy[1] surrounding allegations of price fixing and collusion among a group of ten angel investors in the San Francisco Bay Area.[2]
Contents
Emergence[edit]The issue[edit]The scandal began in September 2010 after Michael Arrington, editor of the TechCrunch publication, wrote in his blog that he had been turned away from a secret meeting among so-called "super angels" he knew,[3] held at Bin38, a wine bar in San Francisco's Marina District.[4] The participants at the meeting, among other things, discussed how they could compete with other angels, venture capitalists, and the Y Combinator business incubator for the limited pool of worthy investment opportunities.[5] Arrington said that after the meeting, he had been informed by two of the attendees that the investors had discussed how to fix low valuations for new start-up companies, and how to keep better-funded venture capitalists from investing.[6]
The blog became the subject of discussion among the Silicon Valley start-up community over the next several days.[7][8] Investor Ron Conway, whose business partner attended the meeting, wrote an email highly critical of the angels involved and called the event "despicable and embarrassing".[9] Dave McClure, a well-known angel present at the event,[7] wrote in a blog that Arrington's account was inaccurate, and a tweet (later deleted) complaining about Conway.[10] Chris Sacca wrote a lengthy email that defended the participants and was critical of Conway, which was also leaked to TechCrunch.[11]
Aftermath and critique[edit]Reports arose that the United States Federal Bureau of Investigation began reviewing the incident.[12]
There was skepticism that there was actually any collusion or that price fixing could succeed if it was attempted.[1][13][14] The event also gave rise to various online cultural phenomena. Among other things there was a flash mob at the wine bar, a Hitler Downfall parody, a spike in the establishment's Google rank, a number of Twitter jokes[4] (compiled on question-and-answer site Quora), and so-called "fakeplans" for super-angel meetups on the site plancast.com.[7] On Monday, September 27, 2010, Ron Conway, Dave McClure, Chris Sacca, and others appeared at a panel discussion hosted by Arrington at his "TechCrunch Disrupt" conference in San Francisco[15][16] where, despite Arrington's prodding, they avoided a "Jerry Springer moment".[17]
References[edit]
- ^ a b Alexei Oreskovic (September 22, 2010). "Investor conspiracy theory grips Silicon Valley". Reuters.
- ^ Mangalindan, JP (September 29, 2010). "Angel collusion: It's not necessarily a bad thing". Fortune Magazine.
- ^ Russell Garland (September 24, 2010). "The Daily Start-Up: "AngelGate" Escalates". Wall Street Journal.
- ^ a b Paolo Lucchesi (September 24, 2010). "AngelGate meeting scandal gives Bin 38 lots of free publicity, punchlines, and a Hitler parody.". San Francisco Chronicle.
- ^ Neyfakh, Leon (September 28, 2010). "Paul Graham of Y Combinator Pulls Back the Curtain on What Goes On At His Start-Up Factory". New York Observer.
- ^ Jameson Berkow (September 23, 2010). "The secret rulers of Silicon Valley". National Post.
- ^ a b c Maggie Shiels (September 23, 2010). "'Angelgate': A tech conspiracy?". BBC.
- ^ "After Quiet Dinner, Angels Get Indigestion". New York Times. September 22, 2010.
- ^ Patrick Hoge (September 23, 2010). "Ron Conway slams 'super angels' hard". San Francisco Business Times.
- ^ Ryan Singel (September 24, 2010). "Showdown! Angels, Arrington to Go Mano a Mano". Wired Magazine.
- ^ Michael Arrington (September 26, 2010). "AngelGate: Chris Sacca Responds To Ron Conway". TechCrunch. Retrieved 5 June 2013.
- ^ Patrick Hoge (September 23, 2010). "FBI reportedly looking into Angelgate". San Francisco Business Times.
- ^ Dan Primack (September 22, 2010). "Super-angels have dinner, all hell breaks loose". Fortune Magazine.
- ^ Alex Salkever (September 24, 2010). "AngelGate or Not, Controlling the Market in Hot Startups Is Impossible". Daily Finance.
- ^ Nitasha Tiku (September 27, 2010). "How Michael Arrington’s School of Friendship Journalism Led to ‘AngelGate’". New York Magazine.
- ^ Tomio Geron (September 27, 2010). "‘AngelGate’ Players Come Face To Face, But Fireworks Are Few". Wall Street Journal.
- ^ Jessica Guynn (September 27, 2010). "'AngelGate' disrupts TechCrunch conference but no 'Jerry Springer' moment". Los Angeles Times.
External links[edit]
- "A blogger walks into a bar" - Arrington's blog entry
- Subject: Super Angels Gathering - Ron Conway's letter (reproduced in TechCrunch)
- What are the best Bin 38 meeting jokes? - Quora compilation of meeting jokes
Retrieved from "https://en.wikipedia.org/w/index.php?title=Angelgate&oldid=661225082"
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Patrick Hoge Reporter
Apparently Silicon Valley types are not the only ones interested in the alleged "collusion" and "price fixing" among prominent early stage investors that TechCrunch editor Michael Arrington says he discovered when he barged into a secret meeting in a back room of a San Francisco bar and eatery on Monday.
Connie Loizos at peHUB now reports that an unnamed source tells her the law firm of Wilson Sonsini Goodrich & Rosati, where Arrington once worked as a lawyer, sent memos out to its attorneys warning that if they represented clients who were at the meeting they should expect to be hearing from the FBI today.
Two people who were at the meeting of "ten or so" prominent early stage technology investors — so-called "angel" investors - which was at the restaurant Bin 38, have publicly said Arrington's report was wrong.
500Startups founder Dave McClure and O'Reilly Alphatech Ventures managing director Bryce Roberts both said in postings on the web that the conversation at the gathering was simply innocent back and forth among industry notables.
But Arrington told Loizos that even if the group's members did not realize it - and at least two later told him they were uncomfortable about the substance of the discussion - talking about certain topics is a straight up no-no.
“It’s not clear that [the gathered investors] knew what they were doing was wrong,” Arrington is quoted saying. “They didn’t come up with a game plan. But just talking about this stuff is hugely illegal.”
Email Patrick Hoge at [email protected]