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Spencer Jakab picks up a copy of the 1993 annual report for Zalakeramia, a Hungarian building tile manufacturer. He thumbs through its drab pages and winces. Jakab, an equity analyst at CS First Boston Budapest, raises his eye-brows when he passes a page which features the pictures of the company’s board of directors. Filled with mug shots of alternately glum or grinning men and women, this could be the faculty page from a junior high school yearbook. |
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