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So, until the financial crisis of 2007 and 2009 or however you go — you actually time it, I was in this finance bubble. In the financial crisis, let’s remember, Goldman Sachs and Morgan Stanley became bank holding companies. ADMATI: They were investmentbanks. I was teaching corporate finance.
But there’s also a lot of, like at Wittel, you know, I was at Wachtel in 2005 to 2007, so really near the peak of a big merger’s boom. It was underwriting, you know, it was like doing investmentbanking, underwriting public offerings. Whereas in a public company merger, like it doesn’t really work that way.
Just really a fascinating history from, from a privatecompany to a public company back to a, a partnership. He is uniquely situated because he has run both public mutual funds as well as privates, including late stage venture private equity credit down the list. Really interesting. In terms of being that specific.
The company leaks more water than any other water company in UK, losing the equivalent of up to 250 Olympic size swimming pools every day from its pipes. Its chief executive, Sarah Bentley, resigned last week, weeks after she was asked to forgo her bonus over the company's handling of sewage spills.
And what was fascinating about Drexel and kind of the diaspora, if you will, of that era was that we all basically went out looking to take that experience, particularly in high yield and kind of buyouts and financing, and do it at either banks or other investmentbanks. KENCEL: It’s the investmentbanking affiliate.
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