Bronte Capital on the ‘Failbook’ IPO:
The Wall Street Journal… derides Michael Grimes (the Morgan Stanley Banker) for not standing up to David Ebersman (Facebook’s CFO) and allowing Facebook to sell too many shares at too high a price. This is tits-up-backward. David Ebersman in this context is the client. He paid the fees. Michael Grimes had a duty to act in Ebersman’s interest. Ebersman wanted to sell more shares at a higher price. Michael Grimes and Morgan Stanley obliged even at the cost to their own franchise.
And for that he is being pilloried in the press.
What we have here is an investment banker acting ethically. And the whole financial press is a twitter about it.
And the SEC is investigating.
The financial world is slowly sinking into a circle-jerk of farce. (via)
Aaron Sorkin delivered a commencement speech at Syracuse University last week, ranging over a wide field of topics as is usual for Sorkin. Two things I found were incredibly poignant and to the point on relationships:
There’s a story about a man and a woman who have been married for 40 years. One evening at dinner the woman turns to her husband and says, “You know, 40 years ago on our wedding day you told me that you loved me and you haven’t said those words since.” They sit in silence for a long moment before the husband says “If I change my mind, I’ll let you know.”
I don’t know the full story, but this is now stored in my head as my favourite anecdote about the male way of thinking. The next was part of a wish for success:
For the class of 2012, I wish you joy. I wish you health and happiness and success, I wish you a roof, four walls, a floor and someone in your life that you care about more than you care about yourself. Someone who makes you start saying “we” where before you used to say “I” and “us” where you used to say “me.”