According to Bloomberg, Palm, Inc. is looking for a buyer. The company who created the webOS platform that runs on the Palm Pre and Pixi will start taking offers this wekk. Palm is working with Goldman Sachs and Qatalyst Partners to find a buyer. According to sources, HTC and Lenovo could be among those interested in acquiring Palm.

This is really sad news for Elevation Partners LP who basically raised Palm from the dead. They own about 30 percent of Palm and saw Palm's stock skyrocket, only to cave later.

If these rumors are true, Jon Rubinstein should be replaced as CEO. He's a genius at developing great products, but apparently not a great CEO. Even if he is a good CEO someone has got to take responsibility for the mishaps at Palm. With the coolest OS on a smartphone to date, how could you offer up such crappy hardware. With all the issues of the original iPhone, the hardware itself was never as lame. All we've heard from Palm is excuses about how it takes a long time to develop a platform, etc. They surely could have come up with better hardware from the start.

It's also simply mind blowing how Palm keeps offering such small devices with such tiny displays and keyboards. Had Palm developed a device comparable to the Nexus One or iPhone that ran webOS we'd be looking at a different outcome. That's our opinion anyway.

Maybe someone can come in and breathe new life into Palm but it might be time for Palm fans to just move to the iPhone. It's a proven platform with tons of apps. We love webOS but it's probably time to admit defeat.