n Without Prejudice - Turbulent times : management




History will mark late 2008 as the end of an era. Imagine a gathering of commercial lawyers and investment bankers in just January of this year. Imagine a speaker at the gathering saying that, by October, Lehman Bros would be bankrupt, Bear Sterns and Merrill Lynch would have been acquired at fire-sale prices and that Morgan Stanley and Goldman Sachs would have applied, backs to the wall, to become holding banks. Such a speaker would have been laughed out of the room. But it has happened.


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