Scavengers and scratchers of value
When American investment banks began pouring into east Asia back in the early 1990s, they were greeted with considerable scepticism – for good reason. After all, Wall Street’s powerhouses had turned bullish about Asia’s prospects several times in the past, only to cut and run when the region failed to live up to their exaggerated expectations. And when that doyen of Wall Street firms, Goldman Sachs, which had doubled the size of its Hong Kong headquarters between 1993 and 1994, pared its headcount by almost half following the emerging market rout in early 1995, cynics felt more than vindicated.
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