I mentioned to someone just yesterday that I think the Facebook IPO may be the biggest Wall Street pump-n-dump fraud I have ever seen or read about. Largest in terms of the dollar size and visibility. In that context, it was fraudulently marketed with willful and determined violation of the SEC new issue regulations (SEC Act of 1933) by both the underwriter, Morgan Stanley, and the upper management of Facebook; and it was fraudulently dumped on the unsuspecting - albeit greedy and ignorant - retail stock customers of Morgan Stanley and of the entire underwriting syndicate.
Not only are the above-mentioned players guilty, the Obama Government, specifically the SEC and the Justice Department are guilty for lack of enforcement of the SEC laws designed to protect the investing public from the predatory practices of Wall Street.
“When you see that trading is done, not by consent, but by compulsion – when you see that in order to produce, you need to obtain permission from men who produce nothing – when you see money flowing to those who deal, not in goods, but in favors – when you see that men get richer by graft and pull than by work, and your laws don’t protect you against them, but protect them against you – when you see corruption being rewarded and honesty becoming a self sacrifice - you may know that your society is doomed.” (Francisco D'Anconia, "Atlas Shrugged")