WALL STREET JOURNAL…. The 45-year-old Mr. Grimes, co-head of global technology banking at the New York firm, has been a big moneymaker in Silicon Valley since the mid-1990s, helping keep Morgan Stanley at or near the top of the IPO heap.
Now, though, Mr. Grimes is getting a chunk of the blame for Facebook’s flop. On Friday, the social-networking company’s shares fell 3.4%, or $1.12, to $31.91. The latest drop left the stock 16% below its IPO price.
In the clubby world of Silicon Valley, where personal relationships often drive business ties, Facebook finance chief David Ebersman relied on Mr. Grimes for advice during the IPO process, people familiar with the matter said. … (more)
EDITOR: Morgan Stanley is crying all the way to the bank!
