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Confidential To The Haters: Check Back In With James Gorman About Facebook In A Year

Then we’ll see what’s what. Until then? Step off, bitch.

Morgan Stanley Chairman and Chief Executive James Gorman defended the securities firm’s role in Facebook’s tumultuous initial public offering, telling employees internally that the firm worked “100% within the rules” and calling the steep decline in Facebook’s stock “disappointing.” Mr. Gorman, in a weekly strategy meeting Tuesday that was later webcast to employees, said “speculation of nefarious activity” surrounding the social networking company’s IPO is untrue. Contrary to some reports, he said, he wasn’t “aware of any dissent” among the underwriting firms regarding Facebook’s IPO price of $38 a share. The discussion, called a strategy forum, is held weekly at the firm. The event, which Mr. Gorman attends periodically, features commentary from analysts and economists and is linked to on the company’s internal website.

Mr. Gorman told employees to “be proud of the job your colleagues did [in the Facebook IPO process] and don’t judge us based upon what happened over a couple of days.” Commenting on Facebook’s stock performance, Mr. Gorman acknowledged the first day of trading “matters” but added investors should also judge an IPO based on its share price after 30 days, 90 days and 12 months.

Morgan Stanley Chief Defends Facebook Handling [WSJ]

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70 Responses to “Confidential To The Haters: Check Back In With James Gorman About Facebook In A Year”

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    Ok, so 100% not illegal, got it. But are they doing God’s work?

    – the Lloyd

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    caption: come at me, bro

  3. pressure on smart kids is extreme says:

    Why would people who want to hire Morgan as their bookrunner be angry? they should be ecstatic. Generated billions of extra revenue by getting a bunch of morons buy facebook at the ridiculous mark up, then turned around and lent out a bunch of shares to their prime brokerage clients for short sales. Those guys are geniuses and the facebook IPO should be their calling card when pitching for business.

  4. Aliens says:

    Gorman, you asshole!

    -Vasquez

  5. DingALing says:

    So principle investors are down 30%, what's the big deal? You act like you're holding Morgan Stnaley stock for christs sake

  6. Guest says:

    Why is everyone in such a huff? You're acting as if it were our money being lost

    – John to employees

  7. Guest says:

    All the bankers on this deal should get paid in FB stock options priced at $38

    • Banker on this deal says:

      I'm 100% cool and onboard with that You are talking puts right? Just checking.

      • You're an idiot says:

        doubling down and defending the stupidity of coming out at $38 is like Hans Gruber still thinking he was better than John McClane while backflipping into the abyss

  8. Guest says:

    Be proud of the job your colleagues did on Facebook. Of course you'll have to contact them at home to congratulate them, I've fired them all.

  9. UFO says:

    But they had a business plan

    – AIG 90's tech investment veteran quant

  10. Token says:

    Facebook IPO as conducted by MS is the same as forcing your wife to have sex.. you probably wont go to jail for it but it is a complete scumbag move.

  11. Guest says:

    Gorman looks like he just proposed a nondiscriminatory ragematch between the MS and FB hater wolfpacks.

  12. UBS says:

    Gorman Sucks!

  13. The Sword says:

    Gorman couldn't make money selling water in the desert……the guy is the biggest CEO loser on the planet. He should be fired so that MS can get back in shape……

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