Nasdaq's Robert Greifeld Blames 'Arrogance,' 'Overconfidence' For Facebook IPO Issues

Nasdaq Chief Executive Robert Greifeld blamed the technical issues that affected Facebook’s initial public offering on "arrogance" and "overconfidence" while speaking at a conference of corporate directors at Stanford University's Law School Sunday.

Nasdaq Chief Executive Robert Greifeld blamed the technical issues that affected Facebook’s initial public offering on “arrogance” and “overconfidence” while speaking at a conference of corporate directors at Stanford University’s Law School Sunday.

The Wall Street Journal reported that Greifeld said Nasdaq had tested its systems extensively before the May 18 IPO, simulating higher trading volumes than those that actually occurred, but the exchange was unprepared for the high numbers of canceled orders in the hours leading up to the launch of the IPO.

Saying

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