Part 1: Chapter 4, Merge with Mike Summary and Analysis

Fred Joseph used a consultant named Cavas Gobhai and had a three-day meeting at the Barbizon Plaza in New York. The purpose of the meeting is idea generation. The purpose of the group is the consideration of all ideas, even the far-out and the flamboyant, instead of just the conservative that are usually all that most business meetings allow. The subject of this meeting was that corporate finance and high-yield bonds were one and the same thing. This was an important topic since the changes that had occurred in the investment banking industry in the 1970s in which firms became highly competitive and business moved around.

People at the meeting felt that things should be a little better balanced at Drexel where more people shared in the business acts and the profits. Everything...