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After nearly three weeks of trading in the after-market, with shares of Facebook (FB) still trying to establish a fair valuation, at least one market watcher says instead of probing and investigating the worst IPO ever, we should be celebrating it.

"That Friday was the day Wall Street got screwed, and it couldn't have happened to a better bunch of bankers," says Lee Munson, Chief Investment Officer at Portfolio, LLC and author of Rigged Money: Beating Wall Street At Its Own Game. "I think we should celebrate Facebook, in some sort of twisted way to say this is what going public is all about," he says in the attached video.

In fact, this former New York-based player turned New Mexico-based critic says the entire notion—investigating the IPO process just because Facebook didn't go up—is laughable.

"It is an insult to think that you're entitled to make a pop on the first day," Munson fires off, before rhetorically asking/mocking those who got burned. "So you're a guy getting the IPO, and it's your God-given right that you will make a profit by being granted these shares? In an unfair, clubby environment?"

He has a point. Anyone with even the slightest experience in the financial industry knows full well that the IPO process is unfair and, in many ways, rigged. By pricing deals low, by limiting the number of shares issued, or by reserving an extra 15% slice of the deal for the bankers themselves (on top of their 5-6% fee) are just a few of the ways this rigged system generates free money for a select few.

As Munson puts it, "IPOs traditionally are a way that Wall Street brokerage firms grease the wheels and basically thank, through hot IPO's, their highest revenue-generating clients."

But of course lawyers, regulators, and politicians aren't about to let this opportunity pass without extracting their pound of flesh from the system they created, oversee, and benefit from. As far as the stock itself, Munson is unmoved by Facebook's 30% plunge and is taking a wait-and-see approach, saying he doesn't want to buy something that is based on hope and is still in the lock-up period (where insiders are restricted for 30-180 days from selling their shares).

"Bottom line: Marky Z. and the Funky Bunch do not have an idea how they're going to make money on the iPhone and on mobile apps," Munsons blasts, urging investors to just chill out instead. "Nothing is in crisis. It's the same company it was a couple weeks ago. If it's such a great deal, you can buy it next year. There's plenty of time to buy it. Everybody should relax."

source: finance yahoo