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A Mental Picture That Is Simple To Formulate Is The LookBelow is a free term papers summary of the paper "A Mental Picture That Is Simple To Formulate Is The Look." If you sign up, you can be reading the rest of this term papers in under two minutes. Registered users should login to view this term paper.
A mental picture that is simple to formulate is the look on the neighborhood mortgage banker’s face if a would-be customer walked in without warning and without proof of having any financial worth himself, and proceeded to announce that he had found a property without any great distinction, that may be somewhat structurally weak, possessed only questionable appeal, was not in the greatest of neighborhoods. And for all that great value and “exposure,” he wanted to offer only three or four times its market value? Oh yes—he also wants to repeat the process the following month with a different property. The commercial, private or mortgage banker would summarily dismiss the deranged soul, but that is precisely the manner in which the flurry of mergers and acquisitions have been managed lately: “Consolidation in the banking industry reached a near-record pace in the third quarter, with acquirers paying unprecedented prices to build their empires” (Elstein, 1997; p. 1). Households cannot make purchases of the magnitude of cost and irresponsibility that these banks and other businesses in nearly all segments of the economy are doing as quickly as they can manage. Where we have to live on a budget and within our means, they can always increase their revenues simply by tapping their customers on their collective shoulder for more input into their businesses to help pay for their purchases while we also finance their business activities. Sheshunoff Information Services reported that between July and September, 1997, $23.2 billion was committed by banks and thrift companies for the purpose of acquiring some of their competitors. During the spring quarter, the bank acquisition budget was limited to $7.8 billion (Elstein, 1997). While banking certainly is not the only industry indulging in the mad merger race, it does appear to be the largest in the country by most estimates. Houlihan Lokey Mergerstat of Los Angeles says that the total spent by the financial sector alone for mergers and acquisitions for the first nine months of 1997 totaled $145 billion, meaning that the first quarter total was around was in the neighborhood of $114 billion. That $145 billion total for the financial sector, as much as it was, equated to only 32 percent of the total merger activity in the country for the first three quarters of 1997. Perhaps even more astounding than the actual total spent for these purchases is the manner in which the deals are made. “‘I just kept stackin... This is not the end of the termpaper! Register below to see the complete version of this term paper.
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