Facebook Flop Puts Investment Banker on the Spot
Facebook Inc.’s botched initial public offering left Morgan Stanley investment banker Michael Grimes in an unusual spot: on the defensive.
The 45-year-old Mr. Grimes, co-head of global technology banking at the New York firm, has been a big moneymaker in Silicon Valley since the mid-1990s, helping keep Morgan Stanley at or near the top of the IPO heap.
Now, though, Mr. Grimes is getting a chunk of the blame for Facebook’s flop. On Friday, the social-networking company’s shares fell 3.4%, or $1.12, to $31.91. The latest drop left the stock 16% below its IPO price.
