The Myth of an I-Bank IPO Horserace

How quaint is all of this chatter about a resurgent Morgan Stanley (MS) because it looks like it won the Facebook bake-off? How relatively charming is it that the choice of one firm over another is actually capturing the fancy of the media and generating positive headlines about James Gorman and his lieutenants at Morgan and how it took this huge piece of business from Goldman Sachs (GS), in part because of its "better" investment banking and retail network.

As an old journalist knock-about, I get this. No one ever wants the facts to get in the way of a good story. But the simple truth is that after what we have been through with these investment banks, making any judgment at all about their earnings and their prospects off the Facebook deal is about as stupid as betting the farm on Newt Gingrich at this very moment....346 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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