Goldman and other underwriters did not lose anything but another big piece of what's left of their reputations.
Facebook fiasco? Zynga is just as bad
Commentary: Zynga underwriters didn't protect blindsided investors
By David Weidner - MarketWatch
. . . .
SAN FRANCISCO (MarketWatch) — Morgan Stanley and Goldman Sachs Group Inc.’s blockbuster technology initial public offerings are becoming known by a less flattering term on Wall Street: rip-offs.
There’s been plenty of venom directed at Facebook Inc. and its lead stock underwriters for the initial public offering that critics saw as a thinly veiled pump and dump on clueless investors.
But a bigger heist may be Zynga Inc. ZNGA , the online gaming company brought public by an underwriting team led by, you guessed it, Morgan Stanley MS and Goldman Sachs GS.
Read the full item here