????確實，圍繞Facebook差勁的 IPO有太多抱怨之聲。納斯達克的一位高管告訴《華爾街日報》（Wall Street Journal） 說，如果交易所早就知道電腦可能出錯，就不會進行這次IPO。Facebook的首席財務官看來曾力爭發售更多股票。“我們永遠都不會知道如果當日它按時開盤、沒有電腦故障，股價會走向何方。”持有Facebook 股票的Firsthand 基金經理凱文?蘭迪斯說，“我不認為IPO價格有問題。”

????不管怎樣，摩根士丹利科技團隊的名譽必會受損。“摩根士丹利在股票承銷領域的領先地位不會改變。”Sanford Bernstein跟蹤并推薦摩根士丹利的分析師布拉德?辛茨說，“但其他投行在與摩根士丹利爭奪交易時是可以拿這一點來做做文章的。”

????摩根士丹利投資者遇到的最根本問題是，即便沒有自營交易，華爾街的經營狀況也是起伏很大。IPO業務尤其如此，每過幾年就會給華爾街找找麻煩。下面是Facebook IPO前夕，一位IPO顧問在對《紐約時報》（New York Times）正面描述摩根士丹利明星投行家格雷邁斯時說的一段話。

????“在硅谷，趨勢就是一切。”IPO咨詢機構Class V Group的創始人、前谷歌（Google）高管里瑟?拜爾說，“硅谷總是喜歡沿襲上次成功的道路。”

????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.