Colourful quote from a top Banker on the current mood in investment banking circles, but also the point that distraction creates opportunities for others.
As one legendary investment banker, now the head of his own advisory boutique, told me over breakfast on Thursday morning, ”we’re in the middle of the biggest s***storm since the great depression and the last people who can be relied upon to provide an unbiased opinion about it are the chief executives of the US investment banks sitting on Level Three assets greater than their book value”.
….The crisis on Wall Street may well create opportunities for boutiques that can focus on corporates rather than on the losses mounting at their own prop desks. Guess who’s advising France Telecom in its proposed $41bn acquisition of TeliaSonera? US boutique Perella Weinberg. Does Dick Fuld of Lehman Brothers have time to help out with client pitches right now?
Bankwatch 