Google's Underwriters Surprised They're On The List
from the unconventional-IPO-indeed dept
Well, last week we mentioned that Google had named all of Wall Street to be part of their underwriting syndicate, and it turns out that the news came as a surprise to many of the bankers involved – who claimed they left a meeting with Google and lead underwriters Morgan Stanley and CSFB more confused than when they entered. Also, many participating aren’t particularly enthusiastic about the deal – though, that’s to be expected as they’ll be unable to do their usual IPO tricks of selling it to their friends to flip – but can’t afford not to be a part of the deal. The article also answers my question from last week wondering if there was a single major Wall Street firm not included. It turns out there is one: Bear Stearns. How long until we have stories talking about what imagined slight Bear Stearns bankers did to upset Google – or, alternatively, about Bear Stearns’ reasons for not wanting to be a part of the IPO anyway?