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Banking

The damaging tyranny of PR

 

After flying nearly 5,000 miles for a series of interviews, having researched topics, deals and interviewees, Euromoney wrote an in-depth article about the characteristics of one of the many markets we cover. We had access to some of the most senior bankers in the market who told us exactly what they thought of the current problems, dislocations and possible remedies. Specific deals were discussed – successes and failures – and the lessons for peers and investors.

Then came the PR process. One sends the quotes back saying there had been some changes to make the conversation "more formal". What had been articulate, interesting quotes from a fascinating chat with a fixed income professional of more than 20 years – and which did fit neatly within a nuanced article – now end with the earth shattering sentence: "Pricing is then determined by supply and demand."

Apart from the suspicion that the PR was plagiarising ‘Economics for dummies’, it was a comment so anodyne and clunking it was pointless.

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