Facebook investors aren’t happy. The company’s shares were priced at $38 for the initial public offering (IPO) but now trade around $18. One writer, Andrew Ross Sorkin, blames this “debacle” on Facebook’s chief financial officer, David Ebersman. Sorkin seems to treat IPOs as a cooperative venture among investors, offering banks, and the company going public where the goal is to set a fair price. In reality, there are competing interests. Sorkin says “it is remarkable that nobody — no bankers, no one at Nasdaq, no one at Facebook — has been fired for botching the offering.” I can’t see why Facebook would see the offering as a failure. If the offering had been at a lower price, Facebook would have received billions less in investor money. At its core, an IPO is a transaction where a company sells its shares to investors. Why is it surprising that the company would want the highest price it could get? No doubt Facebook will face some problems due to its falling share price. B...