Update on banking meltdown
My previous post sets the scene. My spies tell me that there was an interesting thread on GDP-UK yesterday which included some speculation as to whether Hurricane Lehman would affect the ability of IDH to continue its growth or succeed. Had a great chat with David Hudaly on the phone early this morning. He suggests that the general consensus from Merrill Lynch is that being bought out by a bank who have a balance sheet three times larger than your own is a pretty good strategy in the current market. Bank of America/Merrill Lynch will be the largest bank in the world by asset value when the deal is completed – and the whole arrangement has the blessing of the Fed. David was in the offices of Merrill Lynch yesterday as the news broke and Merrill’s CEO John Thain conducted a global video broadcast to say “business as usual”. So the soothsayers and prophets can all move on to discuss something else – why all associates are hopeless, why you can’t get any decent staff, why the new contract isn’t working, why botox is a black art, why we are all doomed. At IDH its just another day and the Private Sector Division will still be the most exciting opportunity in dentistry next year.