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Resource ID: #17770
Subject: Banking
Source: Fortune
Date: 2001-05-14



In 1999 and 2000, investment banks raised $121 billion, and earned a mere $8 billion in underwriting fees. The bulk of their compensation came in trading revenues instead. " the IPOs, instead of selling to the highest bidder, they sold to the institutional investors who where to be long-term holders." Instead, they flipped the stocks and reaped huge profits."Money that should have gone to the issuers instead flowed to the favored funds." Such underpricing left $62 billion on the table. "For every dollar corporate America raised, it paid an incredible 57 cents in fees and forgone proceeds... To put the $62 billion in perspective, consider that it more than twice the amount left on the table from IPOs for the previous 19 years combined. "

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