This is hysterical. Since Google announced their unusual IPO plans including their proposed two-tier ownership structure, the established financial players are freaking. Here's a quote from TIAA-Cref, a large institutional shareholder in an article criticizing the company:

Google is just another way to make money out of the internet. The public is entitled to one share, one vote.

The public?! Yes comrade. The people deserve their piece of the Internet money machine and those elites who actually have ideas about how the Internet should work should shut up and do what the institutional money says they should.

It must really eat them up that Google is using an auction system to totally bypass the institutional money holders and go direct to shareholders. Think of all that first-day-pop-cash that's going to be wasted -- no wait, not wasted, just sent directly into the company's coffers.

And the extra control that the two-tier stock will offer? That's simply an inefficiency. So what if it works in Europe, in the media business, for Warren Buffet, etc. Any company would be much better off with one tier of stock, owned by giant anonymous investors who could "vote with their shares" whenever the slightest problem hits the company.

If we get a lot more of these crazy reactions we'll know that Google's really onto something and maybe a bunch of other companies will follow.