Let's Make a Deal

A wave of raids and acquisitions is changing the face of U.S. industry

"I suppose you read in the paper today that General Electric just bought RCA. But it's O.K., nothing's going to change, because I just bought GE"

--Johnny Carson

A good enough opener, John, but the punch line must hurt a bit: not even your salary is big enough to play in this game.

Mergers have become such a happening in America that they are trendy grist for late-night comedy--never mind that a lot of folks do not find them very funny. But the public has every reason to wonder just what is going on, as dozens of the country's biggest businesses...

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