Why I'm thrilled Mark Zuckerberg is annoying the bankers

May 16 [Wed], 2012, 10:47
He has gone through so much: There was barbour jackets the fall of Lehman Brothers and all those books and HBO movies that put his greed (isn't greed good?) in not so favorable a light; his impetuous behavior has been blamed for the financial crisis; President Obama has said mean things about him, and, worst of all, he has been forced to listen to the drum circles of Occupy Wall Street.
Now an arrogant young man comes pitching his company's barbour initial public offering. Instead of paying homage to the rightly masters of the universe, he shows up in a hoodie, takes private meetings instead of pimping himself on a stage, and does little to conceal the notion that he'd rather be back in his Silicon Valley office working with engineers and doing the things that he's good at.
I say, good for Mark Zuckerberg. He's in a position most of us who have scrambled to find obscure documents in order to get a barbour jacket mortgage dream about: Telling a bunch of bankers to take it or leave it. No, that's not what he's said (far as we know), but his actions have sure implied it. He's reportedly forced the bankers managing Facebook to lower their regular cut of the IPO, from the usual 2 or 3 percent to as little as 1 percent, and now according to an entertaining report on Bloomberg, causing some offense with his trademark hoodie.
"Mark and his signature hoodie: He's actually showing barbour coats investors he doesn't care that much; he's going to be him. I think that's a mark of immaturity," Wedbush Securities analyst Michael Pachter complained to Bloomberg's Mark Milian. "I think that he has to realize he's bringing investors in as a new constituency right now, and I think he's got to show them the respect that they deserve because he's asking them for their money."
As my colleague Dan Farber asked last night, "What, no bowing to the bankers?" Quelle horreur! It's not often you find yourself cheering for a guy who is going to become a billionaire before his 30th birthday, but let's http://www.shopbarbourjackets.com face it: Zuckerberg is living the American dream; building a company from scratch, creating more than 3,500 good jobs so far, and getting rich because of it. Isn't that what entrepreneurs are supposed to do?
The banking industry, on the other hand, simply wants a piece of the action. Yes, they are serving a purpose and helping Zuckerberg and his employees cash in and potentially allowing other investors to make money on Facebook's offering. That's their job, and they're paid to do it.