The point is that the risk of having to hold them 30 days was clear - since the stocks weren't really worth much. When the music stops, the one holding the bag gets burned, and the IPO game was whether the music could last 30 days. If they had tanked in the intervening 30 day period, I certainly wouldn't have been surprised. I would have taken my lumps and moved on, and not looked for someone else to blame. Oddly enough, in most cases it lasted for much longer than that, usually until the end of the insider lockup (about 6 months). I wonder how many people who are now complaining about the "outrageous scam" were perfectly willing to participate at the time? How many of them actually believed that the internet could replace the existing economy?
Carl
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