Bashing Facebook For All The Wrong Reasons

So Facebook's IPO was a disaster. Or maybe it wasn't. Yes, it was an utter fiasco. No, wait: "The debacle was not the IPO but all the whining by speculators who didn't make money." Nope, it was "the flop of the decade", the worst first week of any IPO in years. Au contraire: "What we have here is an investment banker acting ethically. And the whole financial press is atwitter about it." Nuh-uh: "The IPO discount is the cost of going public." Yadda, yadda, yadda, ad nauseum. Why, what with all these furious alarums and excursions and outraged complains, Benchmark Capital's Bill Gurley was moved to compare Facebook to another company that immediately dropped below its high-profile IPO issue price and stayed there for weeks and weeks; that well-known loser called ... er ... Amazon.com. You may have heard of it. Why is anyone paying attention to the this ultimately meaningless pageant? Probably because suckerspeople used to think tech IPOs were a guaranteed way for those lucky enough to buy at the issue price to make money. Now everyone is shocked -- shocked! -- that Facebook's investors may have been treated unequally, and grousing ?I?m just extremely skeptical about the ability of a retail purchaser to be able to play on a level field in the market.? Gee, you think? Come on, folks: it's not like you weren't warned.

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