I want to see that traditional investment banking IPO die. Investment banks surely deserve compensation for their role in securing financing from institutional

I want to see that traditional investment banking IPO die. Investment banks surely deserve compensation for their role in securing financing from institutional investors, but 7% of amount raised seems awfully high for what amounts to a few months of low-risk work. If Facebook gave this deal to a bank, they'll end up paying $700M, just so that some well connected bankers will call their friends and tell them to invest in Facebook. Fuck that. And these banks can be vindictive if you decide not to go with them. Several underrwriters told institutional investors NOT to invest in Google, simply because Google shut them out. And although I can't prove it, I think Overstock's decision to do a Dutch auction was partly why they've gotten hammered by investors doing aggressive shorting on the company. An overarching theme of the current era of the internet is the doing away with middle-men. So maybe I don't want to see investment banks die, but I'd sure want to see the influence of their gatekeeper role reduced significantly.