According to a two-page document obtained by Bloomberg, when General Motors Co. approached banks last May to seek proposals to manage its initial public offering, it also asked for help in selling Cadillacs and Corvettes.
CEO Ed Whitacre asked banks to consider using a portion of the underwriting fees to subsidize the purchase of GM cars by their employees. Whitacre sought to take advantage of banks and get concessions while banks elbowed each other out to be able to participate in what very well could be the second-biggest IPO in US history.
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