There's a good article from Reuters yesterday discussing the dynamics of how investment banks are vying to obtain the coveted "left lead" position for the Facebook initial public offering. The article discusses fees (which may go as low as 1% of the offering proceeds, down from the usual 7%), league table rankings (Morgan Stanley won the IPO crown last year) and personal relationships. Here's the link: http://www.reuters.com/article/2012/01/27/us-facebook-ipoview-idUSTRE80Q21920120127
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