....and burns investors.
These are Obama's buddies. From the little Ive read this is what sounds like is going on.
The stock was hyped by the media initially and by Morgan Stanley who kept buying to keep the price artificially high.
Basically doing everything they could to save it. The actual worth of the stock is about 13 dollars. Facebook insiders who held private stock new that letting it go public would temporarilly inflate the price with free media advertisisng.
They waited until ot hit 38 and they dumped their stock earning hundreds of millions while the public and the underwriters took a bath.
Its like it was planned as a last hurrah to rape investors because earnings are in decline at FB.