Google at the S&P Gates

This column was originally published on RealMoney on Sept. 30 at 11:56 a.m. EDT. It's being republished as a bonus for TheStreet.com readers.

The pressure on the S&P keepers must be enormous. They had put out subtle words that say you can't be in the S&P 500 if you have too much float controlled by a few people. That kiboshed hope that Google(GOOG Quote) could be added.

But then Google does the biggest secondary of all time. There goes that excuse.

Now, it's test hour for the S&P. Are the keepers going to continue to try to say that the index is representative without a $90 billion company that is going to earn $7 a share next year and has a hammerlock on lots of commerce? The idea that a Tribune or a Knight-Ridder is in without Google seems a little absurd when you think about it. ...