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And Now Facebook’s Bankers Are Divvying Up The $100 Million They Made Shorting Facebook’s Stock

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Henry Blodget
Business Insider
August 19, 2012

Boy it doesn’t suck to be a banker.

Every time I forget how much it doesn’t suck, I’m reminded of some other magical cash-printing tool I had forgotten about that allows Wall Street to coin money no matter what.

And this latest one is a beauty.

Remember the Facebook IPO? Yes, it was one of the biggest IPOs ever. It has also now become a colossal disaster that has vaporized half of investors’ capital in three months.

Wall Street bankers were paid extremely handsomely to sell the $16 billion of stock they sold on the Facebook IPO. Specifically, they were paid $176 million in fees.

(Investors who bought Facebook’s stock on the IPO, meanwhile, have since lost $8 billion).

But that was only the beginning.

Full article here

This article was posted: Sunday, August 19, 2012 at 4:45 am

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