Word: walles
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Advising companies on mergers has long been one of the big moneymakers on Wall Street. Companies doing an acquisition or being bought typically hire an investment bank, or a few, to steer them through the transaction. The companies pay fees for this work, which advisers for both the buyer and seller usually split. For large transactions these fees can be substantial: Pfizer is paying an estimated $207 million in M&A fees to the seven banks that are acting as advisors to both companies...
Shafir says despite the swirl of bad news surrounding Citi and Wall Street in general, he and his bankers have stayed focused. He also notes that last Thursday when the House resolution was passed to impose a special bonus tax on employees of many troubled financial institutions, including Citi, nothing out of the ordinary happened in Citi's offices. He says he hasn't had to spend a lot of time defending the firm, nor has he noticed any government intervention in running his part of the business. "In the last several months I have gotten calls from friends asking...
...Treasury Secretary Geithner has told Congress that he would like to regulate Wall St. right down to the foundations of all of its buildings. That includes hedge funds, private equity firms, and traders of exotic financial instruments which may include credit default swaps and financial derivatives. Investment advisors like Mr. Madoff would also be watched more carefully by the government. In the Secretary's own words, "What we need is better, smarter, tougher regulation, because we've seen the costs of these weaknesses and gaps are catastrophic to the system as a whole." (See pictures of the global financial crisis...
...wall of Sir Michael Rawlins' office in London is a cartoon of a group of men in suits cowering below a giant circular pill inscribed with the word pharma. Amid the supplicants strides an impervious figure from Britain's National Institute for Health and Clinical Excellence (NICE) with a puzzled look on his face. Like the man in the cartoon, NICE head Rawlins doesn't see why drug companies should deserve any deference. His organization uses hard-nosed cost-effectiveness reviews to decide which treatments Britain's National Health Service (NHS) should pay for. A new drug doesn't just...
...cents per kilowatt-hour; new wind power comes in around 7 cents, about the same as coal, and investments designed to reduce electricity consumption through more efficient appliances, lighting or buildings cost about 1 to 3 cents per kilowatt-hour saved. This is why nobody on Wall Street or Main Street or any private-sector street will make real investments in new nuclear generation; U.S. utilities rely on ratepayers and taxpayers, while France and China rely exclusively on public funds. A Warren Buffett-owned company was involved in an Idaho project, but scrapped it once costs began to escalate...