I recently posted about the sale of TechTracker to Cnet. TechTracker had once been part of the Internet.com Venture Fund portfolio. I mentioned that we had "lost" our ability to maintain our venture funds because JP Morgan Private Client group forced us to close down our funds back in 2002-2003. The JPM geniuses actually accused me of running the funds for the main purpose of making money with the 2 percent management fee. In other words they stated that we had no expectations of making money with the investments.

In recent months several of "our" portfolio companies have been sold (but we were not able to participate in these successes). And today word comes that How Stuff Works was sold to the Discovery Channel for $250 million. In 2002 our funds owned 8 percent of How Stuff Works! But of course when this site needed more money to operate we were not able to invest in later rounds because Doug and Dave and others over at JPM Private Client took away our funds.

This is a good place for me to apologize to the individuals and organizations who invested with me in our venture funds. Obviously we made great investments and I am sorry that our investors did not reap their just rewards. I tried. I warned JPM about the future. The great irony to all this is that today a new group of people probably run JPM Private Client and there is a good chance they have invested once again in Internet VC!