The Epicurean Dealmaker Replies To My Facebook Post
The Epicurean Dealmaker (TED) has replied to my Facebook post. As commons TED is worth reading.
The Epicurean Dealmaker: As Long equally the Right People Get Shot
His declaration comes downwards to the IPO discount existence a cost of doing business.
However I would similar to plough this into a existent estate deal. I driblet dead to a existent estate agent as well as inquire her to sell my belongings at the best price.
I come inwards into a contract which obliges the existent estate agent to sell at the best price.
She sells it at less than the best cost - equally she ever does.
She has a queue of buyers willing to purchase because she ever sells at the best price.
In this illustration I would intend she is a shonk to a greater extent than concerned alongside her ain franchise (her queue of buyers) than my best cost as well as her legal as well as moral obligations.
I intend exactly that of investment bankers. Always have.
My stance of the morality of this merchandise differs from TED's view. And I would similar to explicate how I intend that TED has got to his foreign position.
To practice that I postulate to hold off at this transaction from Morgan Stanley's viewpoint
Morgan Stanley (at to the lowest degree on this deal) appear to receive got broken the telephone commutation dominion of investment banking. The telephone commutation dominion of investment banking is to hold off afterward the investment banking corporation (in the promise that at bonus fourth dimension they volition hold off afterward you).
Morgan Stanley's interests are clearly damaged yesteryear the Facebook IPO. Their might to practice to a greater extent than IPOs of scale is somewhat limited. Their might to practice hereafter deals is contingent on a reasonably predictable IPO discount.
In my ship service I defended Michael Grimes (the Morgan Stanley investment banker) equally he did what the police describe as well as ethics required of him. He looked afterward the client. I stand upwards yesteryear that moral assessment.
Michael Grimes should most sure enough NOT hold out investigated yesteryear the SEC for this.
But hither my deeply cynical side comes out: Michael Grimes should hold out fired yesteryear Morgan Stanley for this deal. He broke the telephone commutation dominion of investment banking which is the investment bank's interests come upwards earlier the customer interests. By selling also much Facebook at also high a cost he has damaged the franchise of the investment bank. That is untenable.
People acquire fired inwards investment banking for lesser infractions.
So where does the Epicurean Dealmaker's moral position come upwards from
TED is an investment banker. His background is M&A.
Morality for him is defined yesteryear the telephone commutation dominion of investment banking. After all that is what you lot receive got to do. It is the moral pact of everyone who industrial plant inwards investment banking.
Indeed it is a moral pact that nearly all humans make. What feeds you lot becomes (in your eyes at least) moral.
This was the rattling indicate of my post. People's morality is defined non only about what is correct as well as only but what they postulate to practice to brand a buck. We are human. Even TED.
Investment bankers acquire to rip of clients. That is what they postulate to practice to acquire by.
And the Epicurean Dealmaker - as well as everyone else inwards the manufacture - has accepted that equally the novel fair as well as just.
Its non the Epicurean Dealmaker is a bad man. (I similar as well as observe his blog. I intend I would similar as well as observe the man.) It is only that circumstances brand the morals.
John
The Epicurean Dealmaker: As Long equally the Right People Get Shot
His declaration comes downwards to the IPO discount existence a cost of doing business.
However I would similar to plough this into a existent estate deal. I driblet dead to a existent estate agent as well as inquire her to sell my belongings at the best price.
I come inwards into a contract which obliges the existent estate agent to sell at the best price.
She sells it at less than the best cost - equally she ever does.
She has a queue of buyers willing to purchase because she ever sells at the best price.
In this illustration I would intend she is a shonk to a greater extent than concerned alongside her ain franchise (her queue of buyers) than my best cost as well as her legal as well as moral obligations.
I intend exactly that of investment bankers. Always have.
My stance of the morality of this merchandise differs from TED's view. And I would similar to explicate how I intend that TED has got to his foreign position.
To practice that I postulate to hold off at this transaction from Morgan Stanley's viewpoint
Morgan Stanley (at to the lowest degree on this deal) appear to receive got broken the telephone commutation dominion of investment banking. The telephone commutation dominion of investment banking is to hold off afterward the investment banking corporation (in the promise that at bonus fourth dimension they volition hold off afterward you).
Morgan Stanley's interests are clearly damaged yesteryear the Facebook IPO. Their might to practice to a greater extent than IPOs of scale is somewhat limited. Their might to practice hereafter deals is contingent on a reasonably predictable IPO discount.
In my ship service I defended Michael Grimes (the Morgan Stanley investment banker) equally he did what the police describe as well as ethics required of him. He looked afterward the client. I stand upwards yesteryear that moral assessment.
Michael Grimes should most sure enough NOT hold out investigated yesteryear the SEC for this.
But hither my deeply cynical side comes out: Michael Grimes should hold out fired yesteryear Morgan Stanley for this deal. He broke the telephone commutation dominion of investment banking which is the investment bank's interests come upwards earlier the customer interests. By selling also much Facebook at also high a cost he has damaged the franchise of the investment bank. That is untenable.
People acquire fired inwards investment banking for lesser infractions.
So where does the Epicurean Dealmaker's moral position come upwards from
TED is an investment banker. His background is M&A.
Morality for him is defined yesteryear the telephone commutation dominion of investment banking. After all that is what you lot receive got to do. It is the moral pact of everyone who industrial plant inwards investment banking.
Indeed it is a moral pact that nearly all humans make. What feeds you lot becomes (in your eyes at least) moral.
This was the rattling indicate of my post. People's morality is defined non only about what is correct as well as only but what they postulate to practice to brand a buck. We are human. Even TED.
Investment bankers acquire to rip of clients. That is what they postulate to practice to acquire by.
And the Epicurean Dealmaker - as well as everyone else inwards the manufacture - has accepted that equally the novel fair as well as just.
Its non the Epicurean Dealmaker is a bad man. (I similar as well as observe his blog. I intend I would similar as well as observe the man.) It is only that circumstances brand the morals.
John
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