Morgan Stanley CEO Defends Facebook IPO
James Gorman, the CEO of Morgan Stanley (NYSE: MS), went on the record to say his firm’s behavior was perfects as it lead the IPO of Facebook (NASDAQ: FB). Morgan Stanley followed all of the rules set out by the…
Many experts believe that there are several things he cannot dodge. There is body of evidence that his research operation changed its forecasts for Facebook’s earnings during the IPO roadshow. This is rarely done, so why was it done this time? The number of shares for the initial public offering was increased at the last moment. How could Morgan Stanley have so badly forecast demand? Or, was the bank pressed by Facebook to push the count higher? The one thing he can fairly blame on outsiders is the choppy trading of Facebook shares on Nasdaq the first day. No matter what Gorman says, Morgan Stanley will have to answer for the rest.
Douglas A. McIntyre
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Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.
McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.
His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.
A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.
TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.
McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.