Facebook's botched initial public offering
left Morgan Stanley investment banker Michael Grimes in an unusual
spot: on the defensive, the good people at the WSJ tell us. The 45-year-old Mr. Grimes, co-head of global technology
banking at the New York firm, has been a big moneymaker in Silicon Valley since
the mid-1990s, helping keep Morgan Stanley at or near the top of the IPO heap.
Now, though, Mr. Grimes is getting a chunk of the blame for
Facebook's flop. On Friday, the social-networking company's shares fell 3.4%,
or $1.12, to $31.91. The latest drop left the stock 16% below its IPO price.
In the clubby world of Silicon Valley, where personal
relationships often drive business ties, Facebook finance chief David Ebersman
relied on Mr. Grimes for advice during the IPO process, people familiar with
the matter said….
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