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Yet More Investment Bank Scumbaggery Revealed
News from Mother Jones:
I learned something new this morning—sort of. Felix Salmon points me toward a Joe Nocera column that sheds light on the eternal question of whether investment banks rip off hot new companies by pricing their IPOs too low. Felix says he used to think the answer was no: why wouldn’t a bank price the shares as high as it could, since their fee is a percentage of the total value of the deal? Back during the dotcom boom, however, the conspiracy-minded had an answer: investment banks were more interested in parceling out cheap shares in hot companies to favored clients, who would shower them with extra business in return. Sure, they lost a little money in IPO fees, but more than made it up in other commissions. The whole thing was a racket that cost startup companies a bundle.
Back then, that was for the conspiracy minded. Today, Nocera has gotten hold of some court documents that were supposed to be under seal but were mistakenly left public. They’re from an ancient lawsuit filed by eToys against Goldman Sachs,
Mexico raises thresholds for foreign investment in telecoms
News from Reuters:
MEXICO CITY, March 11 | Mon Mar 11, 2013 2:25pm EDT
MEXICO CITY, March 11 (Reuters) – Mexico will allow increased foreign investment in its telecom sector as part of a reform bill announced on Monday.
The country will allow up to 100 percent foreign investment in telecoms and up to 49 percent foreign investment in its broadcast media, communications and transport secretary Gerardo Ruiz Esparza said at a press conference on Monday.
…………… continues on Reuters
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