first_imgMonday 16 August 2010 8:47 pm KCS-content whatsapp Wall Street fumes over GM fee cut Show Comments ▼ Sharecenter_img Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofTortilla Mango Cups: Recipes Worth CookingFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family ProofCheese Crostini: Delicious Recipes Worth CookingFamily Proof by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailNoteabley25 Funny Notes Written By StrangersNoteableyBetterBe20 Stunning Female AthletesBetterBeautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comAtlantic MirrorA Kilimanjaro Discovery Has Proved This About The BibleAtlantic MirrorTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastElite HeraldKate Middleton Dropped An Unexpected Baby BombshellElite HeraldTrading BlvdThis Picture of Prince Harry & Father at The Same Age Will Shock YouTrading BlvdTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farm whatsapp WALL STREET has been left fuming after an exceptionally cheap pitch from Goldman Sachs led the US Treasury to slash fees for all banking advisers on its impending $20bn (£13bn) flotation of General Motors.Goldman, which was mired in allegations of securities fraud when it applied for a role in the GM initial public offering (IPO) in May, offered to work for a fee of 0.75 per cent – far below the three per cent usually charged by corporate finance houses. Goldman was desperate to secure an underwriting position despite the scandal surrounding the Security and Exchange Commission (SEC)’s case against trader Fabrice Tourre.The US government forced other banks to match Goldman’s challenge, reducing their potential haul from $600m to $150m and sparking irritation among senior dealmakers. Among those affected are lead managers JPMorgan, Morgan Stanley, Bank of America and Citigroup. Goldman eventually landed a less prominent place in the IPO line-up along with Credit Suisse.Jacob Frenkel, a lawyer at Maryland-based Shulman Rogers, told City A.M.: “This comes down to the fundamental premise that industry leaders set prevailing market prices.”GM is expected to file its IPO prospectus with the SEC as early as this morning after making tweaks to take into account the surprise departure of chief executive Ed Whitacre. Tags: NULLlast_img

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