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However, these loans typically require a strong credit history and collateral to secure the loan. Legal and regulatory compliance: Ensure that the business is in compliance with all legal and regulatory requirements, including permits, licenses, and certifications.
While M&A revenues are still low across The Street, I was pleased that we participated in some of the significant deals announced in the quarter, such as Diamondback's merger with Endeavour Energy and Catalent's merger with Nova Holdings. Expenses increased 7% largely driven by the absence of a legal reserve release last year.
billion were up $808 million or 4% year on year, driven by compensation including revenue-related compensation and growth in employees, partially offset by lower legal expense. Card outstandings were up 11% due to strong account acquisition and the continued normalization of revolve. Expenses of $22.6 And credit costs were $3.1
At full disclosure, I had discovered that book soon after I did MDMA for the first time when it was still legal, also known as Ecstasy or today Molly. I couldn't believe it, the bank usually wants all this collateral, and we're just going to screw it. We had a certain what we call platform acquisitions. But we also got talent.
RITHOLTZ: Was this a distressed acquisition or — RIEDER: It was. But then over the years, you know, through an acquisition or their merger with Merrill Lynch Investment Management, all of a sudden became a big equity house. RITHOLTZ: It doesn’t look like it’s been massaged to death by legal.
So I did my thesis on how leveraged buyouts work from the legal and the business side. And so I joined Goldman in there, it was a 12-person merger department. So I joined Goldman and their merger department, but said, I’d like to be your LBO guy. The head of mergers and everyone watched over me there.
And so, as advisors look to leave these big enterprises and go independent, one of the biggest things we need to train them on is the distinction between compliance, legal, and risk. RITHOLTZ: Compliance, legal, and risk. RITHOLTZ: Now, let’s talk a little bit about the roll-ups and the mergers and acquisitions that are going on.
Tell us how you went from retail to mergers and acquisitions. And, and just to, to wrap up the M&A, you win another Loeb award in 2016 covering the Dow DuPont merger. That was a giant merger. Listen, if a few kids have to die in order for our profit margin to expand, that’s just a little collateral damage.
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