However big a clusterfuck you may have previously believed the Facebook IPO was, this WSJ article — Nasdaq CEO Lost Touch Amid Facebook Chaos — makes you realize it was actually worse, much worse.
The Journal politely but devastatingly skewers Nasdaq for the bungled IPO trading. The words that come to mind is inexcusable and incompetent. (No mention of HFT though)
That said, the train wreck most likely would not have happened had Facebook not been so wildly over valued at $104 billion dollars. That was what filled the warehouse with dangerous vapors, waiting for a spark.
Nasdaq’s snafu provided the igniter.
Nasdaq CEO Lost Touch Amid Facebook Chaos
JENNY STRASBURG, ANDREW ACKERMAN and AARON LUCCHETTI
WSJ, June 11, 2012