Connoisseurs of IPO fiascos might want to look at the May 1999 IPO of Cramer's TheStreet.com. It was priced at 19, opened at 61, closed the first day at 60, and then marched to the single digits. The company was deprived of the full value the market was willing to pay on its first day, well-connected investors likely made a ton in a few minutes, and everybody else lost money. Full disclosure: I have contributed to TheStreet.com.