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Tuesday, 04 May 2004

Cutting out the middleman

Google vs Wall Street, via Brad:

One of the husbands works for CSFB and I congratulated him on the coup of being named the lead on the Google IPO. Whereas I expected a little gloating, instead he bit his tongue and complained about the greed of Google and how little money CSFB was going to make (including its not insignificant banking fees). I think the point he was trying to make was that by going the way of the auction, that Google was trying to take every single penny off the table that they can. Seeing his genuine anger, I didn't have the heart to remind him that this was a good thin overall, namely that companies were going to start to benefit fully from the intersection of buyers and sellers of their stock, not the marketmakers per se.

Heh. We don't need to pay no stinking fees...

There was something I'd read elsewhere, too, that implied that the people who'd been building the auction infrastructure for the IPO were CSFB (bets on the auction UI being a nightmare, anyone? Not because CSFB are implementing it, but because, well, what're the chances of it not being?)--you'd have thought that Google might have lent a hand, but I guess that's what they're paying these people for. Maybe it'll end up hosted in Google's datacenters.

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