Jeffrey's Feed
Mar 11, 2015
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Winner of “Survivor: Mega-Banks” may be loser

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By Jeffrey Goldfarb

The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

Staying power in the corner suite isn’t always what it’s cracked up to be. With Brady Dougan stepping down as chief executive of Credit Suisse, it leaves JPMorgan, Goldman Sachs and Wells Fargo as the three American mega-banks with pre-2008 bosses. Jamie Dimon, Lloyd Blankfein and John Stumpf have overcome all manner of challenges but also are approaching a decade at the helm. One lesson from the crisis was the danger of sticking around too long.

Mar 9, 2015
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Mall king’s $22 bln bid tests its hostile nature

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By Jeffrey Goldfarb

The author is a Reuters Breakingviews columnist. The opinions expressed are his own. 

Simon Property is putting its hostile tendencies to the test again. Frustrated by being ignored in private negotiations, the biggest U.S. shopping center owner unveiled to the public its $22 billion offer to buy rival Macerich. Simon has used similar tactics before with mixed results. Real estate tends to require some aggression, but it can backfire.

Mar 9, 2015
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Mall king’s $22 bln bid tests its hostile nature

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By Jeffrey Goldfarb

The author is a Reuters Breakingviews columnist. The opinions expressed are his own. 

Simon Property is putting its hostile tendencies to the test again. Frustrated by being ignored in private negotiations, the biggest U.S. shopping center owner unveiled to the public its $22 billion offer to buy rival Macerich. Simon has used similar tactics before with mixed results. Real estate tends to require some aggression, but it can backfire.

Feb 20, 2015
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Time Warner Cable’s deal risk goes down to wire

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By Jeffrey Goldfarb

The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

Time Warner Cable’s deal risk is going down to the wire. The $45 billion sale to larger rival Comcast has already been under consideration for nearly a year by U.S. regulators. A Federal Communications Commission preoccupied with its decision to treat the internet like a utility caused part of the delay. The agency’s decision to raise the standard for high-speed broadband also sparked fresh concern it might influence the Department of Justice’s analysis. Implied chances for success are now at 60 percent, close to the lowest in the market since the transaction was announced.

Jan 23, 2015
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Putin, Piketty and Draghi hit Davos in spirit only

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By Jeffrey Goldfarb 

The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

It can feel like everyone who’s anyone in politics and finance is in Davos, Switzerland this week. World leaders and most of the titans of industry and finance again are swapping ideas in public sessions and over private cocktails at the World Economic Forum’s 45th annual meeting. Conversations are buzzing up and down the Promenade about rampant inequality, the European Central Bank’s plan to flood markets with money and Russia’s conflict with Ukraine. Notably missing from the Alpine retreat are the three people actually inspiring those debates.

Jan 23, 2015
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Putin, Piketty and Draghi hit Davos in spirit only

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By Jeffrey Goldfarb 

The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

It can feel like everyone who’s anyone in politics and finance is in Davos, Switzerland this week. World leaders and most of the titans of industry and finance again are swapping ideas in public sessions and over private cocktails at the World Economic Forum’s 45th annual meeting. Conversations are buzzing up and down the Promenade about rampant inequality, the European Central Bank’s plan to flood markets with money and Russia’s conflict with Ukraine. Notably missing from the Alpine retreat are the three people actually inspiring those debates.

Jan 20, 2015
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Climate feels right for certain deals in Davos

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By Jeffrey Goldfarb

The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

Torrid trade winds are blowing through Switzerland’s crisp mountain air. Global business leaders and bankers convene this week for the World Economic Forum fresh off a $3.5 trillion year of mergers, the biggest tally of the post-financial crisis era. While the momentum creates an ideal climate for corporate dealmaking, it’s less clear the atmosphere is conducive to strike the more important political accords for which Davos has become renowned.

Dec 30, 2014

Breakingviews: Shake Shack IPO disappoints in taste test

By Jeffrey Goldfarb

NEW YORK (Reuters Breakingviews) – Shake Shack is turning
the basic burger into complex financial cuisine. The global
fast-food chain started by celebrity restaurateur Danny Meyer
filed to go public on Monday with some of the tortured trappings
served up with new technology stocks. Two classes of shares and
creative financial metrics are especially unappetizing. There’s
at least a sweetish bottom line to wash it all down.

Backed by private equity firm Leonard Green & Partners,
Shake Shack is a self-described “modern day ‘roadside’ burger
stand” whose vision is to “stand for something good.” While it
may achieve that with its twist on traditional American fare, it
falls short in the investment taste test.

Dec 30, 2014
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Shake Shack IPO disappoints in taste test

Photo

By Jeffrey Goldfarb

The author is a Reuters Breakingviews columnist. The opinions expressed are his own. 

Shake Shack is turning the basic burger into complex financial cuisine. The global fast-food chain started by celebrity restaurateur Danny Meyer filed to go public on Monday with some of the tortured trappings served up with new technology stocks. Two classes of shares and creative financial metrics are especially unappetizing. There’s at least a sweetish bottom line to wash it all down.

Dec 18, 2014
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Dry powder may explode in buyout barons’ faces

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By Jeffrey Goldfarb

The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

In the private equity world, almost everything is going up. That’s just not as good as it sounds for buyout barons.