From Levine's story this morning: "If you were...inclined to be critical...you would characterize this as Uber’s underwriters talking up the stock to their inv

From Levine's story this morning: "If you were...inclined to be critical...you would characterize this as Uber’s underwriters talking up the stock to their investing clients, telling them that there was lots of demand at $45, and then pricing the deal there, while at the same time quietly betting their own money that the stock would fall immediately. They sold stock to their customers while betting against that stock, and then that bet turned out to be correct and they made many millions of dollars on it. I cannot stress enough that that was not the subjective experience of Uber’s bankers, who undoubtedly—for their own careers, for their relationships with investors and issuers, for their reputations as skilled bankers—wanted this deal to go differently. But it kind of is what happened, oops. At least they got the money."