The most anticipated IPO of the year couldn't have had a worse debut. When Facebook started trading at 11:30 am, 30 minutes later than planned, Nasdaq experienced a rapid series of technical glitches and for hours was unable to tell investors whether their orders had been filled.

That led to more than $500 million in reported losses from so-called market making firms -- of which Nasdaq has offered to pay just $62 million.

What's more, Facebook issued too many shares at too high a value -- the stock is still down 27% from its IPO price, despite a healthy comeback off the bottom. -- Maureen Farrell

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