An ugly power play has unsettled the discreet and usually gentlemanly world of investment banking. Using their new financial strength, a number of Arab banks have threatened to pull their money out of major international bond issues unless the managers barred some U.S. and European banking houses from participating. The Arab move was aimed at houses that were founded by Jews, and in some instances—but not all—are run by Jews and have dealings with Israel. In at least three instances, the underwriting managers caved in, and the excluded houses were barred from...
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