Word: deale
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Thain played by that rule even though he was relatively new to Merrill, having arrived 14 months ago from the New York Stock Exchange. But he infuriated Lewis by paying out a couple of billion bucks in bonuses before the deal had closed and before disclosing to Lewis that Merrill was going to produce $15 billion in losses for the quarter. Hey, he was just taking care of his people. What's the problem...
...risk and compliance troops? Wouldn't you want to be all over these people, especially in Q4? Or maybe they all took John Thain at his word when, in October, he said, "We continue to reduce exposures and deleverage the balance sheet prior to closing the Bank of America deal." Those words were surely reassuring, but isn't the whole idea of financial risk management that you don't take anyone at his or her word? (See the top 10 financial collapses...
...Pfizer deal not much is being said about the best strategic reasons for mergers which are that they should increase overall sales. Pfizer and Wyeth already have development teams working on drugs which may not even be tested for two or three years. Putting the two corporations together is not likely to make the combined operation grow faster. It is not like putting two search engine companies together because having more market share allows the new firm to raise prices as it delivers more customers than any of its competition...
...become a tool for fighting the recession. Putting Fiat with Chrysler together is an excuse for letting tens of thousand of people go. The same would be true with a Pfizer deal to pick up Wyeth.These mergers do more to destroy the overall economy than they do to create new products and services which might help restart demand from customers and haul the economy out of its hole...
...Business Secretary Peter Mandelson has the power to intervene in the deal but has indicated that he does not intend to do so. Lord Mandelson's social interaction with another oligarch, metals magnate Oleg Deripaska, attracted negative press commentary in the fall; the minister may prefer to keep a distance from the dealings of rich Russians. But Lebedev, still only 49, is no ordinary oligarch. He even rejects the label with its connotations of bling-bling lifestyle and financial secrecy, and in September confided to the Daily Telegraph that the economic slump had shrunk his fortune by two thirds...