????確實(shí),，圍繞Facebook差勁的 IPO有太多抱怨之聲。納斯達(dá)克的一位高管告訴《華爾街日?qǐng)?bào)》（Wall Street Journal） 說(shuō),，如果交易所早就知道電腦可能出錯(cuò),，就不會(huì)進(jìn)行這次IPO。Facebook的首席財(cái)務(wù)官看來(lái)曾力爭(zhēng)發(fā)售更多股票,?！拔覀冇肋h(yuǎn)都不會(huì)知道如果當(dāng)日它按時(shí)開盤、沒(méi)有電腦故障,，股價(jià)會(huì)走向何方,。”持有Facebook 股票的Firsthand 基金經(jīng)理凱文?蘭迪斯說(shuō),，“我不認(rèn)為IPO價(jià)格有問(wèn)題?！?/p>

????不管怎樣,，摩根士丹利科技團(tuán)隊(duì)的名譽(yù)必會(huì)受損?！澳Ω康だ诠善背袖N領(lǐng)域的領(lǐng)先地位不會(huì)改變,。”Sanford Bernstein跟蹤并推薦摩根士丹利的分析師布拉德?辛茨說(shuō),，“但其他投行在與摩根士丹利爭(zhēng)奪交易時(shí)是可以拿這一點(diǎn)來(lái)做做文章的,。”

????摩根士丹利投資者遇到的最根本問(wèn)題是,，即便沒(méi)有自營(yíng)交易,，華爾街的經(jīng)營(yíng)狀況也是起伏很大。IPO業(yè)務(wù)尤其如此,，每過(guò)幾年就會(huì)給華爾街找找麻煩,。下面是Facebook IPO前夕，一位IPO顧問(wèn)在對(duì)《紐約時(shí)報(bào)》（New York Times）正面描述摩根士丹利明星投行家格雷邁斯時(shí)說(shuō)的一段話,。

????“在硅谷,，趨勢(shì)就是一切?！盜PO咨詢機(jī)構(gòu)Class V Group的創(chuàng)始人,、前谷歌（Google）高管里瑟?拜爾說(shuō)，“硅谷總是喜歡沿襲上次成功的道路,?！?/p>

????大概，反之亦然吧,。

????譯者：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.