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We continue to follow the breaking news on FaceBook and it's those are reporting by our own senior business correspondent Charlie desperate a -- of -- and sharp Sony along what Dennis now trolley.
Kind enough to -- to continue right on the discussion and his new details in the -- right filled -- Bob -- to the CEO of NASDAQ is kind of like you know trying to repair the repair.
Vision of the NASDAQ following.
I guess the best way to put it a debacle.
Last week last week on the FaceBook IPO here's what we know.
He was in the all it was in the offices of Morgan Stanley the lead underwriter according to people at Morgan Stanley made a surprise -- -- they appeared on the capital markets this.
That's the place and this is important when they priced the deal or -- price the view where where to improve the -- and we stand.
And -- there we're putting people inside the firm.
Right -- made somewhat of a -- a -- -- an apology about the way NASDAQ has handled this thing I would put this is the bottom line here.
For the last three days since this thing first broke since obviously the price has gone down.
Problems at the NASDAQ has been lots of finger pointing people -- NASDAQ has said the underwriters.
Priced this -- wrong too many shares outstanding.
The people -- -- at NASDAQ and NASDAQ is saying just the opposite right now what we -- what we have right here is a medical.
Apart according to people inside and -- Stanley on the part of bright -- about.
Nasdaq's handling of it obviously -- open.
Technical difficulties have been.
Message system -- why is the message is important you keep hearing that we got to know if you got a if you reckons confirmed the order right.
What not Michael Grimes the co head of a button and global technology I don't isn't it I don't I don't involved in this thing yesterday I have to -- Michael Grimes.
Brings the deal -- deals with FaceBook might ease the ease of sort of the investment banker on the deal.
He will decide on essentially how many shares outstanding FaceBook would bring in conjunction with the client the client makes that ultimate decision.
The capital markets desk -- -- filled appeared.
Is that is the place would have to -- with the one of the things that Morgan Stanley said continuously throughout this whole process.
Was like listen OK we might up the size -- the -- -- -- increased -- -- -- 5%.
We may have prices on the on the high end however the very fact that we couldn't get this thing wolf -- off the ground early.
Left the market in limbo and it caused massive confusion and selling.
People were basically -- people didn't know what the price of FaceBook was for like.
After the day it was so bad and that is a -- I will say this you know you know computers malfunction all the time right.
Well guess what.
They're not supposed to malfunction at two months -- interview at the top of the eleven you're asking about those -- go.
Based on all I don't I don't think Hugo and the reason why he won't go -- -- a little bit about about NASDAQ it is a very.
Sort of I would say it's dysfunctional and Bob -- runs this place would this would have iron fist.
That board is like his board this is not an independent board by any stretch of imagination I think -- wasn't for the FaceBook debacle.
Bob Wright who would have made -- -- the chairman of the NASDAQ which I think -- a corporate governance issue Charlie I think continue to stay with us -- somebody you know very well -- onset of a stronger trying to get the hang around for that an area --