Many thanks to Cookie for inspiration for this one… When Facebook’s much vaunted stock market debut finally arrived on the 18th of May this year, it was marred by technical glitches at its home exchange in the US, the Nasdaq. After a great deal of anticipation, rock and roll celebrate endorsements and razzmatazz , repeated SEC filings and re-filings, shares were finally priced at $38 each..
Initially at least, trading was fast and intense, with 80 million shares changing hands in the first 30 seconds alone. But soon, some traders began complaining that it didn’t seem like their orders were being completed. Others found that they were getting shares at a higher price than they expected. Now, following months of legal wrangling, and claims against JP Morgan relating to the IPO, there have been claims alleging that important information about Facebook’s financial outlook was “selectively disclosed” to big banks ahead of the IPO.
So, from a non technical perspective, it was a total balls up, people were possibly cheated, and those who did cheat, didn’t even have the good grace to do it well.
One response to “Facebook…Meh…”
J P Morgan? They provide Tony Blair with one of his many overpaid jobs don’t they? Who can trust a bank like that?!