As if its rivals didn’t have reason enough to hate Goldman Sachs (GS), they’ve just been given one more reason.
According to Bloomberg, Goldman Sachs has drastically undercut its rivals in the fees it will accept for its role in underwriting the GM IPO.
After failing to win the top spot for the offering — not surprising, given the controversy surrounding the bank — it offered to price its underwriting at 0.75%, far lower than the 3% that would be normal, thus bringing down the price of everyone. After all, the government has every desire to give as little cash as possible to Wall Street on this deal.
Rivals are thought to be furious.
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