Every investment bank wanted the prestige of being an underwriter of the Facebook IPO, which may be among the largest in history. Be careful what you which for. Reuters reports that the banks will get a fee of only 1.1%. The normal pay out is about 5%. That mean that Bank of America, JP Morgan, Morgan Stanley, and others will practically pay for the chance to be part of the offering.
In the meantime, Facebook founder Mark Zuckerberg has been absent from bank meetings, and may not even go on the road show–a sign that he believes the deal will sell itself.
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