Yes, if a company gains significantly (or drops significantly) in an IPO, the underwriter royally fucked up. In the old days, there would have been recriminati

Yes, if a company gains significantly (or drops significantly) in an IPO, the underwriter royally fucked up. In the old days, there would have been recriminations. These days, people just shrug and think it's acceptable that the financiers lock up most of the gains for economic value created (or, depending on your thoughts of Airbnb's business model, acquired) by others. It's one of the reasons Wall Street has fought so hard to prevent become fiduciaries again. If they were fiduciaries they couldn't get away with crap like this.