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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. "..in 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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