When Google decided to go public, it famously insisted on a Dutch auction, which it deemed more fair to the average investor than the traditional underwriter-friendly method. That should have been a sign that Google was not afraid to break the rules when it came to Wall Street. Now that that Larry Page is in control as CEO, there are signs that the relationship is set to strain even more.

During an earnings conference call, Page came on and spoke about his optimistic view about the company's future, and then got off the phone, leaving analysts surprised and angered. A Citi analyst downgraded the stock subsequently, writing that the "token appearance" by Page was one of the negatives from a tough quarter.

It's fair to say that Page is off to a rough start. But this is a tremendous opportunity for the investor relations staff. Somehow they have to convince Page and his acolytes that working with analysts and institutional investors is part of the job. For that matter, the PR staff needs to talk to him about positioning the company a bit better in the media.

The earnings conference call episode might be written off as growing pains. But a lot is at stake. The company certainly does not want to create uncertainty that lowers the multiple permanently. Last year, the company gave a 10 percent pay raise to all employees, hoping to staunch a flow of prime talent to Facebook. The stock as currency remains as critical as ever to the company's future.

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