Facebook Frolics: Take the Money and Run Dept. 0
Morgan-Stanley’s three-card monte with the the Zuckerboard’s IPO:
Morgan Stanley’s handling of Facebook Inc.’s (FB) initial public offering, a deal that cost investors billions of dollars, broke a decade-old pledge to block investment bankers from influencing analysts, according to Massachusetts regulators, who fined the bank $5 million.
A senior Morgan Stanley banker wrote a script that Facebook’s then-treasurer used to update research analysts on the company’s revenue outlook before the IPO, according to a settlement document with Secretary of the Commonwealth William Galvin. He faulted Morgan Stanley for dishonesty, ethics violations and failing to supervise employees — the first regulatory claims to stem from the bank’s handling of the deal.
More on how the banksters master the universe at the link.