[lhh]

Having worked for a major bank for several years, the way huge deals like this get placed isn't too far removed from crowdfunding, it's just that the dollar amounts are higher and the participants are big institutions instead of individuals.

I was on the deal team for a $1.4bn capital raise and probably 20 or so $100mm-$500mm raises, and the way it happens (for bond and equity issues anyway) is there's a brief marketing period and then a bunch of sales guys get on the phone, call all their institutional accounts, get commitments from them, and the deal is done. It's amazing how quickly it happens. And the fees we earn on these deals are ludicrous. I think there's no way the banks don't get disintermediated.