Morning Snip:
Stakeholder
Felix Rohatyn, a statesman of finance if ever there was one, looks back with no small discontent on the evolution of finance during his fifty years of notability. He is still haunted by the RJR Nabisco deal.
Still, almost 25 years later, he is grappling with how to fix a system built upon selling to the highest bidder.
“The trouble with this is that it is very difficult to quantify,” he said of valuing the impact on all the other constituents. “I am very troubled by my difficulty in trying to determine which was the better of the two deals.”