Advertising giant Interpublic Group (nyse: IPG) announced today that it agreed to sell apprpoximately half of its 0.4% stake in Facebook for $133 million in a privately negotiated transaction.

广告业巨头埃培智集团（InterpublicGroup）昨天宣布，同意将其所持Facebook公司0.4%股份的大约一半通过非公开交易作价1.33亿美元出售。

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That was a transaction they negotiated and recommended to shareholders, and it has turned out to be disastrous.

因为他们向股东们协商，推荐的这一交易，被证实是糟糕透顶的。

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Initial public offerings and other securities activities have a radically different risk profile than sophisticated buyers and sellers setting the price on a private company in a fully-negotiated transaction.

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According to many reports, Mark Zuckerberg decided to do the transaction, negotiated the transaction and informed the board of his transaction.

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"Management did extremely well, " says Robert Foster, chief executive of Capital Canada in Toronto, who negotiated the transaction.

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