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-- fees for Wall Street underwriters but it looks like the average investor got fooled again.
So what does this do to confidence in the market Charlie -- brand joins us with his -- Charlie.
My back I didn't say it but he said it -- -- -- -- 28 which is suspect at more than 50% decline from where it is very healthy stuff.
Yeah I mean that this is this is very bad for investor confidence satellite know that I mean -- been taken out.
Statistically significant sampling but I get I I have a Twitter page I get lots of small investors.
They are -- they would they've been hosed on this thing if we debt debt if that makes what happened at JPMorgan look like.
We -- -- much I'm not in favor taking undue risk in the markets but chase Jamie Dimon.
Set capital aside.
You know if you're if you're an investor in in JPMorgan stocky -- it but the general market did not get did not get hammered because it -- despite despite the well run bank.
This on the other hand was a mess up from from day one this was -- heavily hyped stock.
I believe the media was to have to -- too heavily involved in the height.
It was a stock were underwriters increased the size.
Of the offering by -- -- 25% which they.
What you should -- done but the stock at NASDAQ had months to handle and they still to this minute I'm still getting emails from people that they haven't gotten orders build.
This to -- is pretty bad for the markets it's very bad for retail investors we should point out the retail investors have been blown out of stock mutual funds now.
Say for the last 68 months maybe longer.
There's a reason why there's all that money -- instantly being plowed into.
Ten year treasuries dead or for what would steal that it's an -- -- one point 8% -- along those lines.
It's because the lack of confidence in the markets and just did not help this is very bad at least based on every small -- -- -- talk to let you know here's the crazy thing.
You know and I think Morgan Stanley should -- to stay with the stabilization agent on Friday.
That means that they allowed a false price.
To be to be printed 38 dolls does not -- this stock was gonna go Friday Morgan Stanley -- didn't.
And basically help the big.
Stay at the price dedicated to avoid embarrassment.
Her stock should be down and it should -- word is this morning that he went down with 32 with that back of the third fourth.
It's a really scary situation I I think it the -- -- investigate anything.
Yeah yeah -- it's it's wonderful that they're investigating Jamie -- screw up.
But you know what this actually does have an impact we're a lot you know this is get get get get in trouble.
They eat -- Charlie obsolete right when we look at the video of them sitting there and ringing the bell now it has a totally different meaning when you look at them smiling and clapping.
And you know all the headlines over the weekend where these guys get rich.
Every one else the average retail investor got hosed I mean that's the reaction is that what you're hearing -- I think that that is not just a reaction that is the reality and it was.
-- and I could tell you and I did this on air I wrote -- Baptist did -- is going to reasons why you should stay away from a and a deal like FaceBook right it is did it -- this is this is -- company that needs to prove itself.
But updated its -- sold.
And on the right is go out there Morgan Stanley has a retail branch.
Obviously one of the hottest the more TD Ameritrade for example -- 45% of their order activity on Friday was from FaceBook.
I mean this is that this is this is where retail was involved here and -- -- yet when that they can't.
Can't carry through that hurt retail because they can't get their orders placed at the level -- place today and went underwriters are showing what they know is -- stock.
That is worth last.
-- less than the opening price member Morgan Stanley had a committed stabilizer.
Daily basis this is really bad for the markets but it is very quietly -- I don't know -- -- anything that the FCC should be looking at.
Is you know how do you protect investor confidence right at you make sure about that underwriters.
Do the right thing that that -- changes.
Are prepared to do the right thing.
Thank you Charlie.
Charlie gets fan as we got hit one more let's face -- shares 34 -- hammered.
Ari demonstrations continue in Chicago where the NATO summit is under way today protesters trying to shut down -- We have a live report from the ground there after the break.
I think first second check of medals how they're doing today it's -- little weaker and interesting -- he's actually done oftentimes -- -- pop up a little bit but gold is down about now.
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