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Commuters pass by the NASDAQ MarketSite in New York's Times Square, May 22, 2012. Nasdaq OMX faces short-term costs from its botched handling of Facebook shares on their first day of trading but the longer term repercussions could be more expensive as it struggles to restore its imageBRENDAN MCDERMID/Reuters

Has the Facebook IPO crashed because of the mess up on the Nasdaq stock exchange?

According to one hedge fund manager, Nasdaq had a problem with its trading systems right before handling the biggest tech IPO in history. Instead of putting off the offering, the exchange plowed ahead with disastrous consequences.

Business Insider has a fascinating account of Friday's IPO from the vantage point of the trading desk. We don't know which hedge fund manager they got talking, but he or she was mad as hell and very talkative.

The net accusation: the IPO should have been a blockbuster, but the Nasdaq extinguished all enthusiasm for it by leaving traders in the dark on the state of their orders.