To the Editors: You did a public service by publishing the story on merger madness [ECONOMY & BUSINESS, Dec. 23]. There is nothing inherently wrong with mergers. Our corporation has often taken a stroll down acquisition avenue. But when we take over a company, we do it because we want to run it. People who issue junk bonds are different, as Felix Rohatyn points out. They are not interested in companies as institutions, but want to break up the business they are after. Takeovers using junk bonds rob stockholders of the value of their investment, throw employees out of...
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