Facebook Fiasco

The long awaited Facebook IPO has turned out to be an utter and complete disaster.  The blame for the fiasco lies in many places but I think Morgan Stanley and the rest of the thieves on Wall Street are most culpable. The IPO was priced at $38 per share and is now selling below thirty dollars suggesting that the offering was way over priced.  Readers know that I thought the stock was very over valued and that I said investors should stay clear. Still thousands of individual investors clamored to get into the offering and are now very regretful to say the least.  Of course the biggest institutional investors got out virtually unharmed since the den of thieves on the Street warned them right before the company went public that they were reducing their estimates for revenue and profit growth.  In the wake of this disaster the public confidence in Wall Street has suffered another devastating blow that will be hard to recover from.  Hurt even more are the many tech companies that were counting on the Facebook IPO to provide the conducive atmosphere for them to go public.  About the only one still laughing is that creep Zuckenberg who is off on a honeymoon when he should be back trying to reassure investors about the prospects for his company. All things considered this entire episode is a major fiasco.

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