The sour grapes relating to the Facebook (FB) IPO continue in today’s WSJ as Morgan Stanley’s (MS) CEO James Gorman defends the firms handling of the process. It is my opinion that the firm acted well within its duties and I would wager that if the stock had rallied rewarding speculators, the firm would be lauded for their exemplary work. The whole thing is rather silly as a company goes public at 100 times earnings and is in the news everyday, yet IPO investors paid no attention to the actual price they were paying. IPO’s are not guaranteed money but instead are a form of gambling when you know insiders are trying to raise the maximum amount of money from investors. I look forward to the day when this story is over.
INVESTING IN THE FINANCIAL MARKETS INVOLVES RISKS. OPTIONS ARE NOT SUITABLE FOR ALL INVESTORS.