morgan allen was beaten and abused. as an adult, he struggled to overcome feelings of abandonment and isolation. inga was locked in a dog kennel, and for many years, he told no one about the horrors of his childhood. the state wanted to protect children from harm but provided little in the way of official oversight. between 1950 and 1980, about 100,000 children were placed in orphanages and foster care. no one knows exactly how many were abused. estimates run to the thousands, but it is likely many additional cases went unreported. in 2005, a television documentary finally brought the abuse to light. in 2006, a commission was established to investigate this history of abuse and neglect in orphanages and foster homes. for five years, it that the testimony from former foster children, more than 900 in all. >> they described horrific of use. physical abuse. some of it bordering on what i would call torture and sexual abuse. over 60% of the women told us of sexual abuse and so did 40% of the men. >> the case file is 240 pag

morgan, goldman sachs, bank of america, barclays capital, and allen & company will also get in on the action, and there could be others added to the roster. but wealth manager jeff sica says not being top dog is a big black eye for those firms, especially goldman. >> the lead is the position you want. the other companies will get fees, they'll add that to revenue, but the prestige of having that is what you strive for. >> reporter: exactly what those fees will total are yet unknown, but it's widely rumored they'll only be about 1% of the gross proceeds. that's far less than other recent internet i.p.o.s, like zynga and groupon. and while 1% of $5 billion is still something, some experts say it's not enough to "friend" morgan stanley's stock. >> it's definitely not a reason to buy it, primarily because investment banking fees, no matter what, are declining. they're declining rapidly. >> reporter: still, if the facebook shares do well in the after market, that could open the door for other i.p.o.s-- good news for all investment banks. suzanne pratt, "nightly business report," new york.

morgan chase, one of the high-profile events of the financial crisis. joining us for a rare public appearance is former bear stearns ceo and current executive chairman of gugenheim executive partners, allenon the set. great to have you here. >> nice to be here. >> we appreciate you being here. thinking back four years, we were two weeks away in march? we would be four years -- >> from that day, you do -- you don't stop to think about it a lot. i'm curious, when you think about what's happened over the past four years and you look at where wall street is today. how much has changed and looking forward, whether we're in a cyclical or secular downturn, if you will. jamie diamond just yesterday during their investor day, said this is cyclical, not secular. do you agree with him? >> well i think it depends on what is "this." let me go back a second, you mentioned bear stearns, i do think about it a lot. those of us responsible for the firm were supposed to keep it out of trouble, we didn't. we have to live with that every day. on the other hand, the people at bear stearns were great and if you look at what's happened over those years, to see so many bear stearns people at very senior position