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According to the report, a GM document sent to bidding banks solicited
ideas as to how we can use the IPO to reposition GM and its vehicles within the investment community including your firm’s willingness to reinvest any portion of any underwriting fees into the purchase of GM vehicles for your employees and/or company use.
Winning bidders JP Morgan Chase and Morgan Stanley refuse to comment on whether or not they agreed to this condition, but considering their fees of .75 percent is a quarter of what they would normally charge, the fact that GM even asked shows a lot of chutzpah. Says Joe Phillippi of Autotrends
That’s hardball. After beating them down on fees they want another pound of flesh. It does sound a little unusual.