CNNMoney.com reporters trying to purchase Facebook IPO shares

Three CNNMoney.com reporters — including tech editor Stacy Cowley and staff writer Julianne Pepitone — are covering the Facebook IPO on Thursday by trying to purchase shares in the offering through online brokerage accounts.

If they get any shares, they’re planning to hold on them for one week, then sell them off on Friday, May 25. If they have any gains from the experiment, they’ll be donated to The Time Is Now To Help, a CNN Heroes Top 10 honoree.

Their disclaimer: “We’re not recommending Facebook as an investment; we’re buying in simply to illustrate how the process works. Anyone considering buying Facebook shares should read through the company’s IPO prospectus, which describes Facebook’s financial condition and its risks. (The short version: The future is mysterious, and Very Bad Things can happen to companies. So don’t, like, bet your college fund on this IPO.) “

The first place they tried was Charles Schwab; “And then, strikeout. The site gives me back this message: ‘Based on the account information we have on file, you are not able to participate in this offering.’”

Read more here.