Merrill Lynch & Co. has dropped out of the upcoming $2.7 billion Google IPO, saying the deal would not bring in the kinds of fees that would make it worthwhile. Google's unusual "auction" system of selling shares -- just one step above offering them on eBay -- are likely to generate very low fees, even for the lead underwriters. Let's all feel sorry for the money guys, who won't make their usual millions as the useless middleman.
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