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&lt;p&gt;You would expect the investment banks underwriting the largest IPO in U.S. history to enjoy the largest payday in IPO history, right?&lt;/p&gt;&lt;p&gt;Wrong. From the &lt;em&gt;Times&lt;/em&gt;: &quot;The underwriters [of GM&#39;s IPO], a huge group led by Morgan Stanley and JPMorgan Chase, with Bank of America and Citigroup also playing major roles, will not receive a big payday from the offering. The lead underwriters are set to receive roughly a fee of 0.75 percent, low by bankers&amp;rsquo; standards, according to people with knowledge of the matter.&quot;&lt;/p&gt;&lt;p&gt;You see, the largest IPO in history is being offered by a company majority-owned by the U.S. government (and thus the U.S. taxpayers) and so a lower fee was offered (jammed down the throats of) the underwriting banks to allay any further negative press about the U.S. government puttting money into Wall Street bankers&#39; back pockets.&lt;/p&gt;&lt;p&gt;Also, to that end, you&#39;ll notice that one bank in particular was conspiciously left out of the group of firms chosen to help price and distribute General Motors&#39; new shares: Goldman Sachs.&lt;/p&gt;

Derek Loosvelt

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