Facebook IPO farce hits Nasdaq bonuses
Nasdaq CEO Robert Griefield is about to get a smaller bonus this year, thanks to his brilliant execution of the Facebook IPO last year.
Griefield will see his bonus for 2012 slashed to $1.35 million, 62 percent less than in 2011.
Executive VP Anna Ewing apparently had her bonus cut by $263,000. According to CNN, the reduction is directly linked to the botched IPO.
However, Griefield earned a total of $8.9 million last year, which represents an 18 percent increase over 2011. Although his bonus will be cut, apparently he will still do better than in 2011.
It doesn’t sound fair, but few things in life are, and on Wall Street nothing ever is.
The Facebook IPO will go down in history as the worst tech IPO ever, hands down. A few slashed bonuses won’t do much to restore investor confidence in Nasdaq, or tech IPOs in general.