You got it right, Chuck. This is simply a transfer of wealth between Wall Street and Facebook's major shareholders. (not a broad base at all) It was made poss

You got it right, Chuck. This is simply a transfer of wealth between Wall Street and Facebook's major shareholders. (not a broad base at all) It was made possible because Wall Street believed every Facebook user would try to get in on the action in the open market. It turns out retail investors and Facebook users didn't join the anticipated mania and now, the valuation of the company is what Wall Street made it out to be and not much more. In other words, from here on, Facebook's valuation and Wall Street's ROI will solely depend on Facebook's financial success. Obviously, for Wall Street, this is much slower and much more work than having a stock take off on the basis of a mania. If the financials don't turn up in the next few quarters, watch out.