"Whatever the rationale, this was not at all standard operating procedure and is against our policies, and the assignment on those terms should have been declined," spokesman Paul Cordasco said.

“无论有何道理，这都不符合标准流程，违背了我们的政策，我们应该拒绝这些任务。”发言人保罗·科尔达斯科说。

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The investor took his advice and bought Mr. Cordasco a beer on Friday as they watched Facebook lumber to its close.

WSJ: For Advisers, Facebook Proves a Cautionary Fail

Mr. Cordasco, who referred to Facebook's debut as a "face-plant, " had advised one qualified investor who wanted to put a large amount in the stock not to buy on the first day of trading.

WSJ: For Advisers, Facebook Proves a Cautionary Fail