Facebook上市乱象令摩根士丹利声誉扫地

    确实，围绕Facebook差劲的 IPO有太多抱怨之声。纳斯达克的一位高管告诉《华尔街日报》（Wall Street Journal） 说，如果交易所早就知道电脑可能出错，就不会进行这次IPO。Facebook的首席财务官看来曾力争发售更多股票。“我们永远都不会知道如果当日它按时开盘、没有电脑故障，股价会走向何方。”持有Facebook 股票的Firsthand 基金经理凯文•兰迪斯说，“我不认为IPO价格有问题。”

    不管怎样，摩根士丹利科技团队的名誉必会受损。“摩根士丹利在股票承销领域的领先地位不会改变。”Sanford Bernstein跟踪并推荐摩根士丹利的分析师布拉德•辛茨说，“但其他投行在与摩根士丹利争夺交易时是可以拿这一点来做做文章的。”

    摩根士丹利投资者遇到的最根本问题是，即便没有自营交易，华尔街的经营状况也是起伏很大。IPO业务尤其如此，每过几年就会给华尔街找找麻烦。下面是Facebook IPO前夕，一位IPO顾问在对《纽约时报》（New York Times）正面描述摩根士丹利明星投行家格雷迈斯时说的一段话。

    “在硅谷，趋势就是一切。”IPO咨询机构Class V Group的创始人、前谷歌（Google）高管里瑟•拜尔说，“硅谷总是喜欢沿袭上次成功的道路。”

    大概，反之亦然吧。

    译者：早稻米

    Indeed, there is probably a fair amount of blame to go around for Facebook's bungled IPO. A senior executive at Nasdaq told the Wall Street Journal the exchange wouldn't have gone forward with the IPO if it was aware of the potential computer glitches. Facebook's CFO appeared to have pushed to sell more shares. "We'll never know how the stock would have traded if it had opened on time and without problems," says tech fund manager Kevin Landis of Firsthand fund, which owns Facebook shares. "I don't fault the IPO price."

    Nonetheless, Morgan's tech team is bound to take a reputation hit as well. "The fact that Morgan Stanley is a powerhouse in equity underwriting is not going change," says Brad Hintz, an analyst who follows the bank at Sanford Bernstein and recommends Morgan's shares. "But this is something that other banks will be able to use against them when competing for deals."

    The basic problem for Morgan's investors is that Wall Street is a volatile business, even without propriety trading. And that's particularly true of the IPO business, which every few years seems to be a source of trouble for Wall Street. Here's what one IPO consultant told the New York Times in a positive profile of Morgan's Grimes right before the Facebook IPO.

    "Momentum is everything in Silicon Valley," said Lise Buyer, the founder of Class V Group, an advisory firm for initial public offerings and a former Google executive. "The Valley tends to go with what worked last time."

    Presumably, the reverse is true as well.