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Resource ID: #17586
Subject: Stocks And Bonds
Source: Bloomberg News (New York)
Date: 2000-04-25



A Bloomberg News investigation details "how Wall Street has rigged the $50-billion-a-year initial public offering (IPO) business, favoring powerful and well-connected money managers at the expense of legions of small investors." The series shed light on "who was benefiting from the steep stock rises." The reports include "a rare behind-the scene examination into the multi-million-dollar business of raising money for U.S. corporations," as they reveal how the system provides "a select group of underwriters, brokers and investors with an opportunity to capture enormous profits." The investigation also documents how "company executives profit from IPOs - often at the expense of their own companies."

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