Did Facebook bankers secretly slash forecasts before IPO? If so, ignore the Facebook like button

Facebook changed the world. You could be a geek with more brains than looks and social skills combined and still have a posse of friends. And do so without brushing your teeth or using deodorant.
Mark Zuckerberg became the real American Idol and nobody has ever him sing. But he could make programming codes sing like a canary and that was all that mattered. Once upon a time, the Fonz was cool. Suddenly a developer was.
Then Facebook hit Wall Street and suddenly went flatter than a caterpillar going one-on-one with a steamroller.
And now a bombshell scandal could cost Facebook a continent or two of friends.
Two days after a disastrous IPO that saw its stock tank worse than Obama, Reuters broke the news today that just as bankers were touting shares in Facebook to the public, they were secretly lowering their revenue forecasts for the company.
Now, Reuters reports that the Financial Industry Regulatory Authority may investigate charges that bankers shared the negative news with internal investors.
In the run-up to Facebook’s $16 billion IPO, Morgan Stanley, the lead underwriter on the deal, unexpectedly delivered some negative news to major clients: The bank’s consumer Internet analyst, Scott Devitt, was reducing his revenue forecasts for the company.
The change in Morgan Stanley’s estimates came on the heels of Facebook’s filing of an amended prospectus with the SEC in which the company expressed caution about revenue growth due to a rapid shift by users to mobile devices. Mobile advertising to date is less lucrative than advertising on a desktop.
If this cold-water-in-your-face allegation is true, it could trigger a blockbuster scandal scalding not only the bankers but also Facebook executives.
If so, it will be fascinating to see whether Zuck can program his way out of this before everybody dislikes him.

Advertisements