A Big Guy v. Little Guy narrative has emerged from this post-Facebook IPO fallout. We already know about the Big Guy -- Facebook and its underwriters -- but now we're starting to hear what those little guys have to say.
From Nasdaq glitches, to the way Morgan Stanley handled the pricing, this IPO has had many chances to leave the little guy hurting. While we've heard about them in the abstract, today we get some names and faces to go with the complaints via The New York Times' Nathaniel Popper and Bloomberg News' Danielle Kuceraand and Douglas MacMillan, who details all the ways these individual investors have tried to recuperate their Facebook losses. Spoiler alert: It's very frustrating.
The Investor Being Charged $3,805 for Shares He Never Bought
Meet John Hoag. Hoag bought zero shares of Facebook's stock, after canceling his orders. The brokerage firm he went through, Scottrade, is still charging him almost $4,000. He has made a formal complaint, but has yet to see any results. "They are just spitting in the face of the retail investor and protecting the people that are responsible for this I.P.O.," Hoag told Popper. Scottrade has defended itself, of course, pushing blame to Nasdaq. "Issues were industrywide and beyond our control," spokesman Whitney Ellis told Popper.