Evidently very little, considering how he has since been entangled in a similar controversy, involving misstatements concerning a secret, leaked report from his consulting company, which advised the takeover and charter conversion of many Newark public schools.
At the time, he advised on takeovers and restructurings, among other matters.
Many banks are also concentrating more on fee-paying activities, such as helping their largest corporate clients sell bonds, advising on takeovers or looking after rich clients' investments.
Rothschild fared better than some of its larger rivals during the financial crisis by focusing on its niche of advising on takeovers, restructurings, and debt and equity sales.
Rothschild has fared better than some of its larger rivals during the financial crisis by focusing on its niche of advising on takeovers, restructurings, and debt and equity sales.
For Goldman Sachs, which is among the most respected banks in equities trading and advising on takeovers, FICC accounted for a mere 17% of its revenue in 1998, but a decade later it had become its largest and most profitable business, making up 35% of its revenues.Escalating debt and the expansion of bank balance-sheets have played a part in this, but so has complexity.
An industry that once seemed to offer banks the opportunity to earn juicy returns and expand internationally is now in retreat almost everywhere.Some of this withdrawal has been going on since the crisis the fees paid to banks for trading in capital markets as well as for advising on takeovers and sales of shares and bonds have been falling for a few years now.
The agency listed six reasons that the bank ran into trouble, including the ill-advised takeover of a Dutch rival, ABN Amro.
(On January 19th, Royal Bank of Scotland announced record losses for a British firm of £28 billion, reflecting lousy performance of its loans and its part in the ill-advised takeover of ABN AMRO, a Dutch bank).
Mr. Stenzler also advised on International Paper's takeover of Temple-Inland.
The bank was willing to serve as the underwriter of its longstanding relationship with the mining company, having advised on its $26 billion takeover of Phelps Dodge six years ago.
