Daily Archives: March 19, 2009

John Gapper

Lex points out an interesting aspect of the Roche-Genentech deal:

If the middleman won’t lend to you except at usurious rates of interest, just cut him out. That’s what Roche did. The Swiss drugmaker has raised $39bn of the $47bn it needs to fund its recently agreed acquisition of Genentech, the US biotechnology group, by tapping directly into the bond market. There was no bank finance to be seen.

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John Gapper

Further to my column this morning, I am not in the camp of those thinking that Tim Geithner ought to step down as US Treasury secretary for failing to curb the AIG bonuses or coming up with a detailed plan to buy troubled assets.

The two sides of the case were put pretty well this morning by the FT and Gawker, the media and gossip blog – these days everyone has their opinion on credit default swaps and the Treasury secretary. Read more