Word: goldmans
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Many companies are girding for the future by bulking up to unprecedented size. Robert Hormats, vice chairman of Goldman Sachs International, noted that in 1996 there were 211 corporate megamergers (deals worth $1 billion or more) around the world, valued at $1.2 trillion. In 1999 there were 476, worth $3.8 trillion. One of the main spark plugs for the trend was the new European currency, the euro, which encouraged companies to grow outside national borders. Last year more than 60% of the world's megamergers involved European companies. "We're likely to see more megamergers and more countries involved," Hormats...
Other board members were more optimistic. "Europe is at the beginning of a renaissance," predicted Kenneth Courtis, the Tokyo-based vice chairman of Goldman Sachs Asia. "The euro is creating a competitive marketplace almost as big as the U.S.--and in effect outside the control of any government." In addition, the weak euro--down from a value of $1.17 at its birth a year ago to less than $1 now--has been a boon to European exporters. On the other hand, Hormats was worried that the euro's slide has taken some of the pressure off structural reform...
Every movement needs a leader (I'm certainly not going to do it) and, as we all know, every leadership position is another notch on your resume belt. Lose that last election? Have some free time on your hands? Imagine how impressed Goldman will be next year when they find out you've already driven a company to its knees...
...Jesse Goldman '00 shed his Canuck girlfriend and headed to Chinatown for some over-30 action. His successful impersonation of a well-established professional landed him a sushi dinner with a decidedly more mature woman...
...beats working for Goldman--if you don't like stiff suits and you're up for months of exotica on a shoestring budget...