Morgan Stanley Played Large Role in Facebook Deal (WSJ)

Michael Grimes reported to be the “single driver” of Facebook’s IPO.

Morgan Stanley convinced Facebook to give it an unusual amount of control over the social networking company’s IPO, along with larger fees from the deal, according to a story in today’s Wall Street Journal.  When the IPO ran into difficulties, Morgan Stanley came under criticism.

Facebook’s shares are down 21% from their offering price, and has lost more than $22 billion in market value since May 18 when it opened. 

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