
Morgan Stanley's Michael Grimes The Facebook IPO increasingly looks like it will cement the notion that the stock market is a rigged casino in the minds of Main Street investors. Morgan Stanley and the other banks have made a fortune off the IPO, which has handed losses to just about anyone else who invested in Facebook on Friday, when it first started trading on Nasdaq. Like many suspected, The Wall Street Journal is reporting that Morgan Stanley and the other big investment banks that underwrote the IPO made $100 million of profits shorting the Facebook IPO. That’s on top of the $175 million in IPO fees the underwriting banks received for selling the deal. In addition, Goldman Sachs sold $1.09 billion of Facebook stock it ...
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