Why does the state have to pay millions of euros to greedy Wall Street bankers to sell its Petrom shares?

The secondary offering by which the state plans to sell 9.84% in OMV Petrom is likely to amount to some 520m euros and may bring underwriters a fee of between 4 and 5m euros, according with ZF calculations.
The fee will, most likely, be largely collected by a foreign investment bank, as domestic underwriters have set up consortia with international banks to handle the offering.
Thus, the mandate could be won by Morgan Stanley, JPMorgan, Goldman Sachs or Citibank, which are among the ones held accountable for the start of the financial crisis, and which took money from the American state to cover their debts, or by UBS, a bank rescued by the Swiss state. The only international runner in the race for Petrom that did not take money from the state is Japan's Nomura.
Practically, any state wanting to sell on the Bourse shares in the companies it owns eventually resorts to such a bank. Why is that?
"Large investment banks primarily come with distribution power. Undoubtedly, most of those taking part in the selection process will guarantee the placement, which no domestic underwriter can do. They have institutional clients, own investment funds, private banking clients behind them. It is very difficult to beat them in these conditions," says Doru Lion`chescu, managing partner with Capital Partners investment house.