Architects of GM’s IPO Sought to Limit Windfall for Wall Street

Want to underwrite one of the largest initial public offerings in history? Chop your usual fee by three-fourths and commit to limiting Wall Street’s windfall.

That was the deal David Miller and Tim Massad, the unheralded government architects behind the General Motors Co. stock offering, gave investment banks interested in handling the deal. When the two U.S. Treasury officials made their expectations clear, "we could kind of hear their jaws drop over the phone," said Massad, Bloomberg Businessweek reports in its Nov. 29 issue.