金德摩根收購埃爾帕索

????就在高盛（Goldman Sachs）因?yàn)榘芽蛻舢?dāng)猴耍而遭到嘲笑的時(shí)候，在金德摩根公司（Kinder Morgan?）收購?fù)瑯訌氖率凸芫€業(yè)的競(jìng)爭(zhēng)對(duì)手埃爾帕索公司（El Paso）的交易背后，又隱隱約約地浮現(xiàn)出高盛的那只“看不見的手”。高盛公司在這筆交易中為埃爾帕索公司提供了咨詢服務(wù)，同時(shí)高盛還擁有金德摩根近20%的股權(quán)。而高盛的首席銀行家也是金德摩根的一名股東。

????埃爾帕索公司的股東后來表示，正是因?yàn)楦呤ⅰ俺粤松霞页韵录摇?，才?dǎo)致他們的公司賣便宜了。特拉華州的一名法官雖然嚴(yán)厲批評(píng)高盛和埃爾帕索的董事會(huì)在這筆交易中的利益瓜葛，但還是批準(zhǔn)了這筆交易。金德摩根最后掏出1.1億美元用于搞定股東訴訟，而高盛也不得不放棄2,000萬美元的咨詢費(fèi)用。

Kinder Morgan-El Paso

????At a time when Goldman Sachs was being derided for treating its clients like "muppets," the $21 billion acquisition of rival pipeline company El Paso by?Kinder Morgan?(KMI,?Fortune 500)seemed like yet another datapoint. Goldman advised El Paso on the deal. Yet, Goldman owned nearly 20% of Kinder at the time. Goldman's lead banker, too, was a Kinder shareholder.

????Goldman's split loyalty, El Paso shareholders later said, resulted in a lower price for their company. A Delaware judge heavily criticized Goldman and El Paso's board of directors for the conflicts of interest, but approved the deal anyway. Kinder ended up paying $110 million to settle the shareholder suit. Goldman had to forgo its $20 million fee.