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According to this form, Morgan Stanley charges 25M to arrange a sale of 50M. Is there something behind this, or is this normal?

http://www.sec.gov/Archives/edgar/data/1321655/0001321655140...

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There are a few other sales where there are 0 fees. So likely they "don't charge" for those and put all of the fees in a single filing.

Go, go transparency!

Unbelievable that this can be legal.

Could you explain to me why it's a problem or should be illegal? I don't know enough about the topic to understand your surprise that it's legal.

>Its primary purpose is to increase the efficiency and fairness of the securities market for the benefit of investors, corporations, and the economy by accelerating the receipt, acceptance, dissemination, and analysis of time-sensitive corporate information filed with the agency. source: http://www.sec.gov/edgar/aboutedgar.htm

"Delaying" the filing of required disclosures makes it more difficult for investors and potential investors to make informed decisions, and possibly defeats the purpose of requiring its disclosure in the first place.

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