Why So Many Aren't Friends of the Facebook IPO

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Friday, May 25, 2012

Facebook founder and CEO Mark Zuckerberg in August at a Facebook event. (Rubin Museum)

Never has there been excitement about an initial public offering of corporate stock to match the buzz last week surrounding the possibility of getting a piece of Facebook.

Months of anticipation led to up to the moment on May 17 when Facebook founder Mark Zuckerberg rang the Nasdaq opening bell for a trading session that saw the social media giant raise $16 billion on sales of shares valued at $104 billion. Zuckerberg became a billionaire in a single day. But trading glitches marred the session and only a week after the IPO, Facebook share prices are limp and lawsuits are already being filed on allegations of shady dealings by company officials and the major banks that assisted Facebook’s stock launch.

If this IPO were a page on the social network’s website, it seems it wouldn’t have many friend requests and “likes” would be few and far between. James B. Stewart, "Common Sense" columnist for the Business Day section of The New York Times, joins Jeff Spurgeon to talk about what went wrong and who bears the responsibility.

Comments [1]

Kenneth Bennett Lane, Lake Hiawatha, NJ from Richard Wagner Music Drama Institute, Boonton, NJ

SHADY DEALINGS BY COMPANY OFFICIALS AND MAJOR BANKS, SPIN CONTROLLING, AND THE RESPECTED LOSING THAT RESPECT, THAT'S THE RESULT OF THE DUPLICITY AND THE DISILLUSIONMENT THAT SO MANY FEEL ABOUT BEING DUPED !! We live in a world where money may buy the presidency of the USA, where nations observe bestiality and mass killings of innocents, but are afraid that their trade relations might suffer if they intercede. What may yet save still greater calamities is the sophisticated technologies that enable people to reach out to others worldwide to alarm others of all sorts of misconduct. YAHOO, like its competitors, will always need to repair their image and to offer what the public requires. My own background and activities have been somewhat marginalized by the commercial interests that seek to foster their own projects and to limit the cultural achievements from being known to the young in particular and to make the major cultural institutions fight amongst themselves for any financial support. In this respect Germany, Austria and the Scandinavian countries value far more their own heritage than "we" do our own. WAKE UP AMERICA and salvage our possibilities for artistic growth and recognition. I am a Wagnerian heldentenor and the director of the Richard Wagner Music Drama Institute, where professional actors are trained for the Shakespeare roles and big-voiced singers are coached in the Wagner roles and voice production and dramaturgy techniques. My next concert in New York will be on Saturday, June 9th at the YOGA EXPO at the New Yorker Hotel . The title of the concert is 'BRING HIM HOME, with that song from the musical LES MISERABLES, encouraging the return of our armed forces and inspiring hope and love of country with This Land is Your Land, The House I Live In, Climb Every Mountain, You'll Never Walk Alone, The Impossible Dream [the Quest], Granada, Wien, Wien, nur du allein, Kumbaya, Billy Bigelow's Soliloquy from Carousel, New York, New Yprk, There's No Business Like Show Business, Empty Chairs at Empty Tables, Do You Hear the People Sing?, When Johnny Comes Marching Home Again, Memory, Music of the Night, Dein ist mein ganzes Herz, Donkey Serenade, and Earth Anthem.

Jun. 01 2012 05:11 PM

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