By John Weir Close
Sleek mergers and acquisitions, or M&A as it's in general recognized, is a brand new phenomenon. The trading, the breaking apart and mixing of companies—the essence of M&A—has been part of trade all through heritage, yet in simple terms in our period has M&A itself turn into a company. In 2007, earlier than the recession hit, it was once a $4.4 trillion international company. And but, it is still mostly unexplored. Discrete tales were pulled from the annals of M&A, either actual and fictionalized, that experience develop into touchstones for wealth and extra. Who can fail to remember Gordon Gekko and his "Greed is Good" speech? yet whereas there were a number of iconic characters and stories to emerge, not anyone has instructed the wealthy background of M&A, in the past. this can be a check out that global and the folk who created it. This reads like Dallas meets Wall highway, informed via an exciting narrative that not just brings to mild in gritty element all the again room drama of such strong avid gamers as Carl Icahn and Ronald Perelman, Marty Lipton and Joe Flom, Jimmy Goldsmith and Sumner Redstone, but additionally finds how the recent new release, together with activist whirlwind invoice Ackman and iconoclastic new Delaware pass judgement on Leo Strine, will dominate the following tsunamic, and approaching, M&A increase.
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Extra resources for A Giant Cow-Tipping by Savages: The Boom, Bust, and Boom Culture of M&A
In the face of the housing meltdown, supporters of the eRA tried to claim that since the Act applied only to depository institutions (banks, How GOVERNMENT CREATED THE HOUSING BUBBLE 19 such as Bank of America) and that most of the unsound mortgage lending took place outside such institutions (more specialized mortgage lenders such as Countrywide), the CRA was exonerated from blame. What they didn't say was that the same cavalier approach to risk assessment that informed the CRA pervaded the whole mortgage-lending arena, thanks to the other agencies that pushed the same destructive, loose-lending strategy on all American financial institutions: Fannie and Freddie, the Department of Housing and Urban Development (more on which below), the Federal Reserve, and others, as well as additional legislation like the Equal Credit Opportunity Act.
Short-sellers, particularly those with inside knowledge, do the work that regulators are supposed to do, and often call attention to questionable firms before regulators themselves do, if indeed regulators ever do at all. This is precisely what happened with Enron in late 2001. The Securities and Exchange Commission (SEC) unfailingly gave Enron the stamp of approval, even as the company's accounting and deal-making became curiouser and curiouser. It was a short-seller, namely James Chanos, who THE GREAT WALL STREET SAl LOUT 45 peered into Enron's finances and saw a rotting corpse.
Another suggested explanation is that the agencies knew which way the wind was blowing, with every federal agency having even the slightest connection to housing pushing various homeownership initiatives that involved lowered lending standards. 11 According to economist Art Carden, "SEC regulations hung over the rating agencies like the sword of Damocles, and the raters didn't want to attract undue regulatory attention by opposing a politically popular initiative. "12 The handful of approved ratings agencies, moreover, are actually an SEC-created cartel protected from competition by regulatory barriers.