Word: ipos
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...These guys swallowed the get-big-fast mantra hook, line and sinker," says Ken Cassar, a senior analyst for Jupiter Media Metrix, a research and ratings firm. "They were too ambitious, but they couldn't have grabbed so much venture capital if they weren't. Investors were eyeing IPO riches." Not that either company was particularly frugal with the wealth Wall Street brought. Their combined bonfire consumed more than $860 million, not counting the undisclosed seven-figure sum Webvan paid the San Francisco Giants to sponsor all the cupholders at Pacific Bell Park...
From Michael Milken to Mary Meeker, me-first Wall Street has been billboarded for two decades. Even before that it was an open secret. The mystery is that so many are shocked--shocked!--to learn that bankers take kickbacks for allocating shares of a hot IPO, or that analysts tout stocks not for their potential but because cheery opinions help reel in underwriting fees and a monster year-end bonus...
...Internet bust has sharpened attention on Wall Street's myopia anew. Credit Suisse First Boston, which underwrote the world's hottest IPO--VA Linux Systems--is at the center of a kickback dustup. At least three government agencies are investigating who got what and whether outsize fees later paid to the firm constitute an illegal payoff. Lawsuits are piling up faster than dead dotcoms...
...average age of our customers 30 years in one fell swoop," said Rose Marie Bravo, the voluble American who has steered the British Burberry brand for the past four years. Call it a billion-dollar bikini. Analysts valued Burberry at $280 million this time last year. Burberry's IPO, which is set to launch in mid-2002, anticipates a value of as much as $2.8 billion...
...average age of our customers 30 years in one fell swoop," said Rose Marie Bravo, the voluble American who has steered the British Burberry brand for the past four years. Call it a billion-dollar bikini. Analysts valued Burberry at $280 million this time last year. Burberry's ipo, which is set to launch in mid-2002, anticipates a value of as much as $2.8 billion...