Citi Blasts NASDAQ Over Facebook In A Letter To The SEC

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HFA Staff
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Citigroup Inc. (NYSE:C) finally went public on its frustration with the NASDAQ exchange operator, NASDAQ OMX Group Inc’s  (NASDAQ:NDAQ) handling of the Facebook Inc (NASDAQ:FB) IPO in May, and the subject of compensation for the botched trades during that IPO. According to a report in the WSJ, Citigroup Inc. (NYSE:C) has written to the SEC that the exchange ignored technical problems and went ahead with the IPO in a “hasty” and “self-interested” manner, and that its actions resulted in losses of hundreds of millions of dollars to market participants. In Citi’s view this was “grossly negligent conduct.” Citi also charged in its letter…

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The post above is drafted by the collaboration of the Hedge Fund Alpha Team.