i know what he means. in 1987 "investment banking" was a loosely used term, and yes, there were "investment banking" firms that brought "pennies" (and some consider "pennies" to be under $5.00) through an IPO. i dont know of one from back then that is still in business (the pennies I mean)
Where do you get your information???? Read this, it talks about penny stocks and how just one firm raised money for many companies as an investment banker and with thousands of brokers to raise the money. Typically, each IPO was around $5 million dollars. I have no idea where you get your info, but I don't think you are even trying to learn anything because you know nothing about the history of penny stocks and how they were being created like in 87 when I was a broker. If you want to learn something and discover I'm telling the truth: read it. Otherwise, don't tell me I don't know what I'm talking about.