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Best M&A House: Goldman Sachs |
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Also nominated: Morgan Stanley and Credit Suisse |
Another year, another furore over conflicts of interest at Goldman Sachs.
In March, Delaware Court of Chancery judge Leo Strine delivered a critical opinion in a suit brought by shareholders of El Paso alleging that the company’s takeover by Kinder Morgan had been tainted by flawed incentives for certain El Paso executives, reducing their determination to extract the highest possible price. Strine also noted that Goldman Sachs, while advising El Paso, owned a large stake in the acquirer and controlled two Kinder Morgan board seats, while the lead Goldman banker advising El Paso owned Kinder Morgan stock.
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