There has been plenty of finger pointing since the Facebook IPO went wrong, but now it looks like the spotlight is shifting to two men in particular.The Wall Street Journal spoke with several sources involved with the IPO who singled out Facebook CFO David Ebersman and Morgan Stanley’s co-head of global technology banking Michael Grimes as the two people who controlled pretty much every aspect of the IPO.
Ebersman, in particular, is said to have “kept a close grip on every important decision on the stock offering,” and is reportedly the person who decided to increase the number of shares Facebook offered. Grimes is portrayed in the article as being his “main confidant” on the banking side, and the two are said to have been the ones who pushed for raising the IPO price to $38.
As one anonymous source told The Journal, “This IPO was an Ebersman and Grimes show. They were joined at the hip.”
In the process, the article effectively distances everyone else at Facebook and the banks from the IPO debacle. Right or wrong, it’s clear that many of those who were involved in the IPO have decided who the fall guy (or guys) should be.