BBC新闻.docx
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BBC新闻.docx
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BBC新闻
AsanAdviser,GoldmanGuaranteedItsPayday
LloydC.Blankfeinhadascriptforhisphonecall.
“Hello,Doug—it’sbeenalongtimesincewehavehadthechancetovisit,”saythenotespreparedforhiscallwithDouglasL.Foshee,chiefexecutiveoftheElPasoCorporation,thebigenergycompanythatlastfallwasintalkstobesoldtoKinderMorgan.“Iwasverypleasedyoureachedouttousonthismostrecentmatter,”thescriptgoes,thankingMr.FosheeforusingGoldmanasElPaso’sadviserinthetransaction.Mr.BlankfeinaddedthatheknewMr.FosheewasawareofGoldman’sinvestmentinKinderMorgan“andthatweareverysensitivetotheappearanceofconflict.”
Somewhatawkwardly,Goldmanhada19.1percentstakeinKinderMorgan,thepipelineandenergystoragecompany,andtwoseatsonitsboard.Sothescriptwenton,“WehaveaskedourboardmemberstorecusethemselvesandIknowyouhavetakenonasecondadviser.”Headded,“Reallyjustwantedtoreachoutandsaythankyou.”
Aboutamonthlater,KinderMorganannouncedithadagreedtoacquireElPasofor$21.1billionincashandstock.
Whenthedealwasannounced,buriedattheendofthenewsreleasewasalistofWallStreetbanksthathadadvisedonthedeal,includingGoldmanSachs.Goldmanreceiveda$20millionfeeforplayingmatchmakerforElPaso.Thefee,ofcourse,wasnotdisclosed,norwastheKinderMorganstakeownedbyGoldmanSachs’sprivateequityarm,worthsome$4billion.NordidthereleasedisclosethattheGoldmanbankerwhoadvisedElPasotoacceptKinderMorgan’sbidowned$340,000worthofKinderMorganstock.
Now,however,acourtrulinginashareholderlawsuithaslaidbarethetruth:
Goldmanwasoneveryconceivablesideofthedeal.Asaresult,ElPasomayhaveunwittinglysolditselffartoocheaply.Mr.Blankfeinmayhavesaidhewas“verysensitivetotheappearanceofconflict,”butthejudge’sorderruling“reluctantly”againstamotiontoblockthemergermadeitclearthatGoldman’sconflictswentfarbeyondmereappearances.
Here’sjustoneexample:
Inanefforttohelpmitigateitsclearconflict,GoldmanSachsrecommendedthatElPasohireanadditionaladvisersothatElPasowouldbeabletosaythatithadreceivedcompletelyimpartialadvice.Goldmandidnotsayitwouldstepdown,andloseitsfee,itsimplysuggestedthatElPasohireonemorebank—inthiscase,MorganStanley.
Butthencamethis:
“WhenasecondinvestmentbankwasbroughtintoaddressGoldman’seconomicincentiveforadealwith,andontermsthatfavored,KinderMorgan,GoldmancontinuedtointerveneandadviseElPasoonstrategicalternatives,andwithitsfriendsinElPasomanagement,wasabletoachievearemarkablefeat:
givingthenewinvestmentbankanincentivetofavorthemergerbymakingsurethatthisbankonlygotpaidifElPasoadoptedthestrategicoptionofsellingtoKinderMorgan,”ChancellorLeoE.StrineJr.ofDelaware’sCourtofChancerywrotelastweekinamust-readopinionthathasbeenwhizzingaroundthein-boxesofWallStreet.
“Inotherwords,”ChancellorStrinecontinued,“theconflict-cleansingbankonlygotpaidiftheoptionGoldman’sfinancialincentivesgaveitareasontopreferwastheonechosen.”
GoldmandeniedthatitwasinvolvedwiththestructureofMorganStanley’sfee.
ItmustbenotedthatChancellorStrine’sirritationwasnotjustreservedforGoldman.HelambastedElPaso’schief,Mr.Foshee,forwhathedescribedashis“velvetglovenegotiatingstrategy,”whichhesaidwas“influencedbyanimpropermotive”toenrichhimselfthroughthedealbecauseheplannedtolaterbuyElPaso’sexplorationandproductionunitfromKinderMorgan.
Goldman’sbrazennessinthisdealisnothingshortofbreathtaking.ItisjustanotherexampleofwhyGoldman’sreputationhasbeendentedasquestionshavecircledaboutthefirm’sloyaltytoitsclientsoveritself.Otherfirmshaveconflicts,butrarelydoyouhearaboutthembeingsoincestuous.AMorganStanleybankerinvolvedinthedealwroteinane-mailatthetime:
“ThisisGSatitsmostshameless.”
What’sevenmoresurprisingaboutGoldman’sroleworkingforElPasoisthatitcamejustsixmonthsafterthefirmissuedanewsetofguidelinesbyits“businessstandardscommittee.”Thefirmhadjustagreedtoa$550millionsettlementwiththeSecuritiesandExchangeCommissionoverallegationsthatitknowinglysolditsclientsfinancialinstrumentsmeanttofail.Intheguidelines,thefirmpledgedthatitsmostimportantprincipleisthat“ourclients’interestsalwayscomefirst.”
InthecaseofElPaso,that’snowdebatable.ThecompanyonMondaydelayeditsshareholdervoteonthedealforafewdays,untilFriday,togiveitsinvestorstimetodigestMr.Strine’srebukeoftheprocess.
InfairnesstoGoldman,thefirmwascompletelyupfrontwithElPasoaboutitsconflictandthecompanychosetocontinueworkingwithGoldman.(Thefirm,however,didnotdisclosethepersonalstockownershipinKinderMorganbyitsbanker,SteveDaniel.)Perhapsthatwouldhavebeendisclosureenoughseveralyearsago.Butinthisenvironment,whywouldGoldmantakethechance?
Afterall,thefirm’s$4billioninvestmentinKinderMorganmeantthatithadmuchmoreonthelineontheothersideofthenegotiatingtable.Comparethattoa$20millionadvisoryfee.
Inastatement,Goldmansaid,“Werespectthejudge’sopinionbutwanttobeclearthatwestoodbyourclientthroughthisprocess,encouragingthemtogetindependentviewsfromanotheradviser.WewerealsotransparentwithElPasoaboutourrelationshipwithKinderMorganandtherelatedissues.”
EvenifGoldmanhadperfectChinesewalls,asthefirmhassaid,itstretchesthemindtobelievethattheconflictcouldtrulybecontained—orcouldbeworththetroubleithascreated.
“IamunwillingtoviewGoldmanasexemplifyinganEmersoniannonfoolishlyinconsistentapproachtogreed,onethatinvolvesseekinglucreinaconflictedsituationwhilesimultaneouslyputtingthechanceforgreaterlucreoutofits‘collective’mind,”ChancellorStrinewrote.“Atthisstage,IcannotreadilyacceptthenotionthatGoldmanwouldnotseektomaximizethevalueofitsmultibillion-dollarinvestmentinKinderMorganattheexpenseofElPaso,but,atthesametime,besokeenonobtaininganinvestmentbankingfeeinthetensofmillions.”
Nodrama,butawholeheapofuncertainty
PRAISEheavenforaboringEuropeansummit.“Thisismyfirstsummitwithouttalkofdefault,break-uporcatastrophe,”saidEndaKenny,Ireland’staoiseach(primeminister).“Wehadanormal,constructivediscussion.”TheFrenchpresident,NicolasSarkozy,wentevenfurther:
“Wearenotoutoftheeconomiccrisis,butweareturningthepageonthefinancialcrisis.”
Anewtreaty[PDF]toimposegreaterfiscaldisciplineoneuro-zonemembersandeightothers(butnotBritainortheCzechRepublic)wassignedtodayafterbeingnegotiatedinrecordtime.ThefallinthespreadsonbondyieldsofFranceandothersshowedthesituationwasstabilising,saidMrSarkozy:
“Itisagreatrelief.”TheEuropeanUnionisnowtryingtoturnitsattentiontopromotinglonger-termgrowth[PDF].
IfEuropecanbreathemoreeasilyitisthanksinlargeparttotwoItalianscalledMario.First,Italy’stechnocraticprimeminister,MarioMonti,hasstartedtopullItalybackfromthebrinkthroughbudgetcutsandstructuralreforms.
Moreimportantly,MarioDraghi,thepresidentoftheEuropeanCentralBank,hasadministeredadoubleshotoffinancialmorphine—cheapthree-yearloanstoanyeuro-zonebankthatasksforthemoney—thathaseasedtheacutepain.Buttheeurozoneisfarfromcured:
thereareworrisomesymptomsallover.
Tobeginwith,Greecehasmoreobstaclestoovercomebeforesecuringthevitalsecondrescuepackageithasbeenpromised.Whetheritcanimplementallthebudgetcutsandreformsithaspromisedisthesubjectofgreatdoubt.Butfornowthemoodistopushtherescuethrough;talkofforcingGreeceintoanearlydefaulthasdiedaway.
SohastheinvectiveagainstAntonisSamaras,theleaderofGreece’sNewDemocracyparty,whohasoftenquestionedtheEU-IMFconditionsimposedonhiscountry.Justbeforethesummit,MrSamarashadalongprivatemeetingwithAngelaMerkel,theGermanchancellor.
Bothsidessaidithadgonewell.GermanysaiditwasreassuredthatMrSamaraswouldstickwiththeprogrammeifelectedinGreece'sgeneralelection,expectedinApril.Hesaidhehadvotedinfavourofitand“paidwiththebloodofmyparty”after21memberswereexpelledforopposingtheEU/IMFdemands.
TheGreekissueneutralised,forawhileatleast,thereisnowaloomingclashwithSpain.Astheeurozoneentersadouble-diprecession,Spainmaybecomingclosertoadeflationaryspiral.Itsunemploymentrate,at23.3%lastmonth,isthehighestintheEU.Anditsbudgetdeficitlastyearbarelydeclinedfrom2010,standingat8.5%ofGDPinsteadoftheplanned6%.
MarianoRajoy,thenewSpanishprimeminister,hasbeenlobbyingforhiscountry’sdeficittargettobesoftened,butthesummitwashavingnoneofit.Theconclusionsdeclare:
“MemberStatesundermarketpressureshouldmeetagreedbudgetarytargetsandstandreadytopursuefurtherconsolidationmeasuresifneeded.”
AnoviceinEuropeansummits,MrRajoyhasbeenplayingastrangegame.Hewascarefulnottodiscussspecificfigureswithfellowleaders.ButassoonasheemergedfromthesummithedeclaredthatSpain’sdeficitthisyearwouldbe5.8%,ratherthantheagreedtargetratioof4.4%.Heinsisted,though,thatSpainwouldstillfallbelowthe3%deficitlimitin2013,asplanned.
ThequestionnowishowstrictlytheEuropeanCommissionwillinterpretitsnewpowerstomonitor
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