In an IPO led by Morgan Stanley, Merrill Lynch and JP Morgan, Linkedin sold 7.48 million shares (8% of the company) at $45 apiece.  Not bad for a company that earned a paltry $3.4 million last year.  Nonetheless, by the end of the day, the shares had doubled; $350 million in investor profits should have instead accrued to the company.  Next time look for Linkedin CEO Jeff Weiner, despite avowing, “I’m not even thinking twice about [it],”  to hire Goldman Sachs, and for those lucky souls allocated shares in the secondary offering to be smartly under water by the end of trading.