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Friday, November 23, 2007

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Lafayette

The fact that buy-outs (consolidations, fusions, etc.) have never added one cent to public stock-holder value has been amply proven stateside. Several studies have demonstrated this less than illustrious fact. (Private equity, however, is admittedly something else.)

Those who make the money are the "Masters of the Universe". (From the book, Bonfire of the Vanities, by Tom Wolfe.) That is, those who work for the Investment Banks (like Goldman, Sachs). These "merger consultant" (or management) fees can be as much a 1 to 1.5% of the TOTAL VALUE of the transaction, shared by the officers of the Investment Bank.

It is one of the factors that has lead to the Income Inequality ravaging America today.

Never has so much been paid to so few for so little.

NB: Worse yet, in terms of moral indecency, is the cyclic fadishness of mergers and breakups. Mergers happen supposedly "to benefit from economies of scale". Breakups happen supposedly to "get closer to the customer". The reasons management put forward are often hilarious. What is less exhilarating however is how these manipulations always seem to favor financially Top Management and not the stock holders.

Arthur Eckart

Lafayette, "Income Inequality ravaging America today." You seem to believe income inequality is something to be avoided. The U.S. raises absolute living standards and promotes upward mobility for almost everyone in the country, including millions of Third World immigrants. That seems to be better than attempting to make everyone more equal at huge costs. Unfortunately, income redistribution through government intervention hasn't had the desired effects. Perhaps, more ethics should be taught in school instead (for both upper and lower income students).

Lafayette

AE: You seem to believe income inequality is something to be avoided.

And you're blind.

America has about the same Gini coefficient as China. (Look it up.) That's something America should be proud of?

Not reasonably.

Arthur Eckart

Lafayette, the Gini Coefficient only measures relative income inequality and only reflects the production side of the economy. Obviously, U.S. absolute income is much higher than the E.U., while the U.S. consumption side has a great equalizing effect. Some E.U. economic countries actually promote inequality, along with immorality, in their attempts to reduce inequality.

Lafayette

AE: Some E.U. economic countries actually promote inequality, along with immorality, in their attempts to reduce inequality.

Do come back to the forum when you think of something that makes sense.

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