What's the Difference Between Wall St. Banks and Used Car Salesmen?
Not much, and the jokes on you if you think otherwise. As the Facebook IPO makes abundantly clear, ordinary investors need to stop counting on Wall Street to look out for them.
Not much, and the jokes on you if you think otherwise. As the Facebook IPO makes abundantly clear, ordinary investors need to stop counting on Wall Street to look out for them.
Facebook has ended its third trading day and the world is falling apart -- again. The stock closed Tuesday at $31, down 19% from the $38 IPO price, lead underwriter Morgan Stanley is under fire, the SEC is ready to investigate, and analysts are blaming everyone. Oh, and the fundamentals? Those haven't changed a bit.
On Monday, Facebook's stock fell from its IPO price of $38 to a low of (as of this writing) $33.60. So what? Nobody who actually paid attention to Facebook's statements before the IPO should be surprised by this latest turn, or even worried. Here's why:


