Officially, fees to bankers for cobbling together two companies that are already bigger than sense will be about $200 million. Assume that is an underestimate.
It’s all about shareholder value, of course. To suggest that this deal is going to be shoved through to enrich banks and executives no matter what anyone else thinks would make you a fool who just Doesn’t Get It.
Mergers are good, say bankers, who are impartial to a fault. Evidence to the contrary is yesterday’s news.
Meanwhile, the chancellor and the new city regulator want to ease off on bank regulation. It’s time they stopped saying sorry and got on with getting rich again, the politicians and the watchdogs agree.
So be cheerful. Life is better. For bankers.I have shares in neither; nor do I drink their sorry apology for beer.