Morgan and Morgan to divide rotten spoils?
General Motors to go public?!...time to party like its 1929.
Potential lead underwriters Morgan Stanley and JP Morgan are reportedly set to take as little as 0.75% in fees, of the long anticipated IPO. Seems as though the prestige of dragging a dying legend out of her hospice and in front of the cameras for one last pump-dump (colostomy bag and all) is the new standard in M&A.
JP and Stanley, the main suitors for the lead role of grave robbing pimp in this highly anticipated federal pictures production, seem to be ushering in the new era of financial regulation with a "fuck me, pay you" party.
Luckily, after 30 years of shitty business practices, Down Syndrome babies like the Pontiac Aztek, executives selling off shares as the stock tanked and "repayment of bailout ahead of schedule" dramedy, the geriatric that wouldn't die is back to shit on itself some more. With only 3 out of every 5 shares headed to market owned by the government, GM expects to easily raise about $20 billion, though more realistic projections place the figure closer to half of that.
Lazard has jumped in the fish bowl, as well. Signing an 18 month, $500K/month advisory contract with the Treasury, suggesting that the IPO is further away than advertised.
Ah, the joys of the Government Sponsored Entity! For those of you who have ever dreamed of a T-bill/junk bond hybrid, you're days of waiting are coming to an end.
I wonder if GS even bothered to fight to win this one considering the whole SEC fraud thing. Can you imagine the shit-storm that would have erupted if the Gov't gave them the lead?
Goldman looked at the proposed compensation for underwriting the deal and just laughed. Lloyd dont get out of bed for anything less than 3%
My guess is Goldman is still looking to...get this..."make money".
Strange concept, ain't it?
make money? whos the funny guy? hahahah
8-D
Surely GS needs to good publicity. Associating themselves with a legend such as GM may help the PR or does GS really not need 'good' PR?
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