A merger Made in Hell The Inside Story dumbest of the decade.
When he finally finished now for years - if all the probes and criminal sanctions and the SEC are complaints from shareholders retirement - the debacle of Cendant Corp. is likely to loom as a milestone in Wall Street’s annals of the breach of faith. A master dealmaker bought the cat in the bag. A visionary was famous as Wizard of Oz An accounting fraud was massive and that both dreiste define. Amazing that the merger has been directed to enchant the market - arranged by two of Wall Street’s favorite of Presidents - finished cost investors billions. Come on the heels of several small cookbooks, scandals, Cendant, of course, was a powerful symbol of the most striking large excess bullish years of 1990. If red is buried in this endeavour, while firms could you trust?
The proceeds of $ 14 billion merger of equals’ conducted in late 1997, had risen Cendant HFS, Franchise strength of a work by Henry Silverman, and CUC International, a giant Club member from the direction of Walter Forbes. Silverman, of course, was the dealmaker. Wall Street, he was long regarded as one of Corporate America’s great wealth builder - he cultivates an image of two and celebrated in Forbes was a visionary, a man, the future of spin in a sort of find investors and so irresistible. For most of the years 1990, they may not wrong.
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