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@contradevian

Banking Charlies Are In The Chocolate Factory

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I was worried what had happened to the London Evening Ramper's City Editor. I thought he might have been on a hillwalking holiday on account of his critical articles on bankers. Anyway he's back safe and sound after a long summer break.

http://www.thisislondon.co.uk/standard-bus...tory/article.do

"Interestingly, one of the leading advisers to Kraft, Lazards' Bruce Wasserstein, was also involved in RJR Nabisco. He was a marginal player — an apprentice Barbarian if you like — because one of the big beasts in the deal, Salomon's John Gutfreund, did not trust Wasserstein not to leak to the Press. It is wonderfully ironic therefore that in this week's deal Lazard is already complaining about the Press coverage and having meetings to discuss it. One has to admit though that this behaviour is not so much Barbarians at the Gate as Charlies in the Chocolate Factory. But give it time. The egos are circling.

It is obvious too that the fees are going to be grotesque even without Lazard's silly meetings. Both sides have far too many advisers for it to be otherwise — not because the client values a range of opinions but because if they have all the investment banks signed up, they can't then be making mischief on the outside looking for a way to gatecrash the deal by persuading another hapless company to counterbid and spoil the party. From Kraft's perspective, it may be expensive, but it does have the advantage of keeping the advisers honest — they all watch each other."

and

"This bid is an interesting test too, given what is happening in the wider economy. We cannot hope to reduce our dependence on financial services and rebalance the economy towards mainstream businesses if we keep selling our best examples to overseas buyers, who will then proceed quite rightly to run them with their own interests in mind."

A jolly fine article Mr Hilton! :lol:

Edited by HostPaul TAFKA Rover2000

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OP, somebody wants to buy your car :lol:

It is astonishing just how much of our business is in foreign hands.

Yesterday's proposed merger, Orange and T Mobile, German and Spanish owned. I learned yesterday that great British multinational glass maker Pilkington's had gone foreign (Japanese)... many poor workers had had to re-apply for their jobs.

We do seem be be having our innards sucked out.

Edited by tinker

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