Facebook Blame-Game: Who’s at Fault for IPO Debacle? | Business | TIME.com
The fallout over Facebook’s controversial initial public offering has turned into a full-blown blame-fest. In the three months since the social network’s mammoth IPO, the company’s stock has fallen by a stomach-churning 50%, wiping out some $50 billion in shareholder value. The offering was supposed to be a triumphant moment for Silicon Valley and Wall Street. Instead, between trading glitches on the NASDAQ exchange, accusations of “selective disclosure” against Facebook’s bankers, and the precipitous stock decline, the whole thing has turned into a debacle of epic proportions. So whose fault is it? Facebook CEO Mark Zuckerberg? Company CFO David Ebersman? Facebook’s Wall Street bankers? Naive investors and their financial advisers? The short answer is that it’s too simple to blame any single person or entity. All parties in this mess bear responsibility, although each in different ways.
Read more: http://business.time.com/2012/09/06/facebook-blame-game-whos-at-fault-for-ipo-debacle/#ixzz2612TsK9U