Facebook : Going All In At $25

NEW YORK (TheStreet) -- Wall Street enjoys nothing more than giving off the impression it's got things all figured out when in actuality it doesn't. In the investment world, the most important aspect of due diligence is acquiring an understanding of why stock valuations have arrived not only to where they are, but more importantly, where they are likely to go -- a skill set those on Wall Street love to proclaim can't be found anywhere else, remarkably, even when they've botched it.

The recent IPO of social network giant Facebook(FB) continues to stir more than its share of controversy for no reason other than what has been an unimpressive (if not a pathetic) showing of the larger-than-life event it was built up to be. Investors caught holding the bag are not only angry but demanding answers that these same Wall Street experts are now unable to provide.

The fact of the matter is, these answers were provided almost 30 days ago in the lead-up to the IPO. As often is the case, investors chose not to listen.

The prevailing question is, what's next?

Whenever a sure thing fails to deliver, lawsuits are certain to follow. Answers that cannot be given on Wall Street are certain to be extracted through litigation -- it's the American way and yet another example of the perverse human characteristic that likes to make easy things difficult. Investors once happy at the chance of risking money on stock turn quickly into victims when the word "risk" became a reality, blaming among others Morgan Stanley(MS) and Nasdaq for not only mishandling the offering but for appearing unprepared to service investor demand of its own buildup.