Facebooks Ironic Rise to The Top
Facebook's prospectus, free today, offers readers a voyeuristic look at the company's operations, its proceeds plus the riches it will shower on lucky investors and insiders. Reading between the lines of the brochure also reveals a case study of how, in an age of income disparity and embedded freedom, an outsider can very rapidly become part of the establishment. It shows how a good thought can attract not just capital plus customers, but people as well as other institutions. Facebook has definitively at home; it starts factually at the top of the prospectus ---with the lead backer. Facebook chose Morgan Stanley, the last residual white-shoe firm, which traces its lineage to J-P Morgan. From the instant he got started, Mark Zuckerberg, an outsider without important family connections, was able to draw members of the establishment. At Harvard, some of his first financial support came from the Winklevoss twins, who were portrayed in The Social Network as noble, rich-guy rowers from Greenwich, Conn.
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