www.breakingviews.com
Only an idiot bites the hand that feeds it. That is why it is ludicrous to imagine investment banks will ever render truly objective opinions on deals. They serve the interests of the companies that ask them to draft these judgments. And it is always clear from the outset what the client's desired conclusion will be.
This is especially the case when the body writing the opinion is also advising the client on the deal. In that...
