BBC新闻.docx

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