Word: dealing
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Dates: during 1990-1999
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...Martin Feldstein, along with the other three distinguished leaders we recently elected to our Board, bring a great deal of talent and leadership to the company," said Thomas F. Frist, Jr., M.D., the chair and chief executive officer of the corporation...
...feeding frenzy for banks finally caught your attention. All it took was the two biggest bank deals ever, within a week of history's biggest deal of any kind--also involving a bank. If you're just now planning to invest around this craze, hello, you're late. Very late. But all good manias last longer than they should, and this one probably will too. If you are not put off by sky-high valuations or a possible turn for the worse in the banking cycle, yes, you may yet crack open the vault with bank stocks...
...banks--Mellon Bank, Wells Fargo, Norwest, Fleet Financial and others--to be bought or to find partners themselves. Meanwhile, those same banks, and many middle-size ones too, sport prices inflated by speculation. Their high stock prices give them currency to shop for smaller prey of their own. Fertile deal territory, for sure...
...involved? You could buy the perceived targets, hoping for a takeover at a fat premium. But if no deal surfaces, you're sunk. Besides, the latest deals have been "mergers of equals," which allow two banks of similar size to hook up without one paying a big premium for the other. Shareholders still get a (more modest) pop, but in both stocks, not just the target's. So you can do well owning the buying bank--say, a NationsBank, First Union or Chase Manhattan. In many cases, that will be the better long-term investment anyway. But I'd also...
...killer app is Microsoft's MSFDC, a software suite created with data-processing giant First Data Corp., that lets consumers pay bills directly on their bank's Website. MSFDC rolls out this fall. It's a big deal. Mike Dusche, Microsoft's manager for worldwide financial services, says MSFDC will help banks navigate the coming online-commerce maelstrom by building closer customer ties. He's right: a product like MSFDC--with, say, Money and Investor along for the ride--will surely help your banker retain your allegiance. "The financial industry is based on transaction processing," says Cliff Condon, a senior...