Saturday 20 January 2018

Tim Worstall: Why is everyone 'defriending' Morgan Stanley over Facebook launch? Their job was to sell the stock and they did

Facebook Founder and CEO Mark Zuckerberg rings the NASDAQ Stock Market Opening Bell remotely from 'Facebook' headquarters. Photo: Reuters
Facebook Founder and CEO Mark Zuckerberg rings the NASDAQ Stock Market Opening Bell remotely from 'Facebook' headquarters. Photo: Reuters

WE all know that the world's in a mess and Armaggeddon is nigh simply because the investment banks were too greedy, too interested gaining their own pots of filthy lucre, to take care of their customers' interests.

Then along comes an investment bank that does in fact act contrary to its own interests, specifically and deliberately puts those of its customer above those of itself and, my, doesn't everyone complain?

You know, as everyone and their grandmother lines up to sue Morgan Stanley over the Facebook IPO.

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