In snaring the most coveted investment-banking assignment of
the year, Morgan Stanley's Michael Grimes insisted to a senior Facebook Inc.
executive that he be the "single driver" of the company's initial
public offering, adding that if the deal soured, it would be his "throat
to choke."
Mr. Grimes's audacious, successful pitch to minimize input
from other underwriters put Morgan Stanley in a position to exert unusual
control over the IPO and to scoop up a bigger share of its fees. But it also
turned the veteran Silicon Valley investment banker and his firm into targets
for criticism when Facebook's IPO ...
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