He talks about Wall Street screwing naive investors with a price that is not justified. Everybody was talking about Facebook is like Google and until short before the IPO they squeezed every bit of revenue out of It to mimic exponential growth. Short before the IPO the revenue was sinking because they overdid it.
Facebook is not as stupid to do something illegal, but they will generate a new phase of distrust like Enron did. This thing was planned for a long time, Facebook didn't use it's full advertising capabilities until short before the IPO. 16Billion was just to greedy and too much, even NASDAQ couldn't handle it. Look at the Google IPO, Google knew how good they were and they did everything in the beginning not to sell under price.
Facebook, however, is actually generating value and income.
Comparing Facebook to Enron is essentially comparing apple to oranges