For a firm that, even at the best of times, detests publicity Goldman Sachs must be apoplectic at the moment. No firm likes to be embarrassed in front of its clients, neither does it expect its private conversations with those clients to be made public.
The accusation that Goldman was, in one breath, discussing how to defend UK airports operator BAA from a hostile takeover, and in the next offering to put together a ‘white knight’ takeover involving its own private equity fund, seems aggressive even by Goldman’s notoriously ferocious standards when it comes to securing fees.
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