Here are two quick thoughts on the Facebook initial public offering:
1. The IPO structure. While it's disappointing that Facebook feels it must go the traditional IPO route, I think this is a demonstration that Wall Street still matters. Investment banks still have the best connections to institutional investors, who have the best ability to buy into a large IPO. As we saw with Google, the retail investor just doesn't have enough firepower to make an IPO of this size work.