CFSB breaches Chinese walls
"CSFB is just like Laurel and Hardy," says one banker. "It's gotten itself into another fine mess." Following hard on the heels of its problems in Japan, Sweden, the UK, India and the US, it's now in trouble with the Chinese. This time it's nothing to do with the regulators, but a diplomatic faux pas, and an expensive one at that.
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One telephone call was all it took for CSFB to find out that it had been dumped from two upcoming IPOs of state-owned companies - China Unicom's $1.8 billion share issue and China Aluminium's $1 billion offering.
Rival bankers believe, as does CSFB itself, that it won't be invited to play with the Chinese for some time to come.
It all went horribly wrong when CSFB decided to get involved with a roadshow around Europe for Taiwan's ministry of finance promoting investment in Taiwan.