An article today in the International Herald Tribune on how banks are raking in the dough from private equity deals.
Conflicts of interest may be rampant, but a homegrown private equity business has proven too lucrative for many banks to ignore.
More than a year ago, a rash of financial institutions said they would rethink their approach to the sector to placate their private equity and corporate clients and avoid potential conflicts. Some pledged to get out of the business.
Despite the appearance of caution, the banking sector raised record amounts of money for private equity deals in 2005: more than $70 billion. That was up nearly fivefold from 2004, according to figures compiled by Thomson Financial, the European Venture Capital Association and PricewaterhouseCoopers.
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Drinkin' on a sunday night.
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