VTB shares are now worth more than half less than their price at the "people's IPO" offering. More than 130,000 people became shareholders back then. Rosneft shares have also fallen hard, though not by half. There are around 140,000 shareholders. I bitterly, furiously regret that Rosneft's general shareholders' meeting took place on June 4 instead of happening right now. Two months ago, the dialogue at that august gathering went something like this: Shareholders: *"So where are the dividends? We're getting a little nervous here." *Sechin and Bogdanchikov from the presidium (the officials at the head table), in unison: *"Oh, caaaalm down! To hell with dividends — who needs them? Look at the share price taking off." Shareholders: "And you're sure that'll work out?" *Sechin and Bogdanchikov from the presidium, in unison: *"We've done this a hundred times already! It'll rebound again soon. Dump the shares and you'll make some cash!" * And today the share price is down, and the dividend yield is 1.5% annually. I wonder what the people at the head table would say now? Probably something like: "Shareholders? More like suckers-with-shares. What were you idiots even thinking, getting into this?!"