Now, Google did make some mistakes. It talked during its quiet period. It didn't register all the shares given to employees before the IPO. It hoped to get up to $135/share. It got less. Morgan Stanley learned its lesson. It hyped the Facebook IPO to the skies. It pounded the table for the maximum price on the shares being sold. It got that maximum price and the stock hasn't been that high since.
What the speculators wanted was to get in cheap and get a "pop" on the stock on the day of the offering, for a quick profit. This is what all those cool Internet stocks did when Hambrecht & Quist was taking them public in the 1990s. H&Q itself sold out at the peak of the Internet bubble to JPMorgan Chase ( JPM), for $1.35 billion, Wikipedia recalls. Founder Bill Hambrecht went on to patent a Dutch auction method called OpenIPO. I really wish Bill Hambrecht had sold my friend Rufus' house back in the day. Or that Morgan Stanley had. So some speculators got fleeced on Facebook. Big deal. I'll just call it Rufus' revenge. At the time of publication, the author was long GOOG.Follow @DanaBlankenhornThis article is commentary by an independent contributor, separate from TheStreet's regular news coverage.