Google is going public. (Disclaimer: Google owns Blogger.) There are rumors that the offering may be conducted by online auction, versus the usual back room process. The investment banks must be split on this idea. They know that if they are not "forward thinking" enough in their pitch to Google, they will be out of the running for the most exciting IPO of the century (so far). But if they allow this online, democratic hooey to go forth, not only will fees suffer on this deal, but a breach in the favored-client-status distribution policy will endanger the fee monopoly going forward.

Let's watch.