When greed IS good

Once in a generation, an opportunity arises to make a transformational acquisition at a bargain pric...

Once in a generation, an opportunity arises to make a transformational acquisition at a bargain price. One is staring Europe's banking chiefs in the face right now. The question is whether they have the courage to grab it. The deal? Buying a Wall Street investment bank. Most bankers would rather buy a slug-and-seaweed sandwich for lunch than take control of institutions drowning in sub-prime debt. Why pay billions of pounds or euros for a whole heap of trouble? Yet the credit crunch has hit the share prices of all the banks hard, and the dollar is slumping to record lows. That means Wal...