Nasdaq OMX Group Inc.’s handling of Facebook Inc.’s initial public offering has already led to lawsuits and may cost brokers $100 million. What Securities and Exchange Commission officials will want to know is whether the market operator put the public’s interest first.
“Their interest is twofold: to make sure that sufficient safeguards are in place to ensure that mistakes won’t happen in the future, and to make sure that decisions were not made that are not in the public interest,” Larry Harris, a professor of finance and business economics at the University of Southern California in Los Angeles and a former chief economist at the SEC, said in a phone interview Wednesday.
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