Yes, We Can Blame Facebook and Its CFO for the Stock Debacle

It's easy, and to a large degree proper, to blame the people who bought into Facebook's dog of an IPO for their own losses. It was no secret that the company's prospects were highly uncertain. But that doesn't mean that others can't be blamed as well, or that investors are the only ones hurt by the debacle.

Andrew Ross Sorkin in particular blames one man, and one man only: “It is David Ebersman's fault. There is just no way around it,” writes the New York Times' Dealbook columnist.

Ebersman is Facebook's finance chief who acted as the company's point man on the IPO. Pinning the blame on him alone is reductive and ultimately inaccurate, as Sorkin tacitly admits lower in his column, where he notes how Wall Street banks, which had a collective interest in pricing Facebook's stock as high as possible when it hit the public markets, egged Ebersman on. It might be true that Ebersman is most at fault, but that doesn't exonerate the bankers or, for that matter, CEO Mark Zuckerberg.

Tags: , , , ,

Related Stories