Google's Auction Loosens Wall Street's Grip on High-Priced IPOs

Aug. 20 (Bloomberg) -- Google Inc.'s share sale has put Wall Street on notice: The old way of doing business may be ending.

The six-year-old Internet startup based in Mountain View, California, dodged U.S. investment banks and auctioned shares directly to investors.

The initial public offering's 28 underwriters, led by Credit Suisse First Boston and Morgan Stanley, received half their usual fees because they weren't needed to find buyers.

via http://news.google.com/

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