“承销商折扣”——承销商因为承销股票发行而获得的折扣——只占到38美元发行价的1.1%，对首次公开募股来说非常之低。相比之下，据标普资本（S&P Capital IQ）的资料显示，社交游戏公司Zynga上市时的承销商折扣为3.25%，团购网站Groupon为6%，房产估值在线服务公司Zillow为7%。
What's more, the sellers got an extraordinarily cheap deal from the underwriters, probably because of incredible pressure that Facebook exerted by shopping the deal to firms who were drooling over the prospect of having their name connected with Facebook's.
The "underwriting discount" -- the amount that the underwriters kept for themselves in return for doing the deal -- was only 1.1% of the $38 offering price, which is extraordinarily low for an initial public offering. By contrast, the discount for Zynga's (ZNGA) offering was 3.25%, according to S&P Capital IQ, and was 6% for Groupon (GRPN), and 7% for Zillow (Z).
This means that Facebook insiders who sold in the offering not only got a high price for their shares, they got to keep an extraordinarily large portion of the proceeds.
I'm not saying any of this is illegal. I'm sure that lawyers have blessed every aspect of this, including any selective disclosure to big players that Facebook's numbers were starting to look a little ugly. The bottom line is: it's one thing to talk about empowering average people. But empowering them in the financial world is a whole different game.
-- Research assistance by Doris Burke