The Satisfaction Of Punching Each Other In The Face Was Totally Worth $20 Million to JPMorgan And Goldman Sachs

When we saw that three boutique banks represented Google and Motorola Mobility in their deal, we were a little puzzled about why. Not that it’s unusual to hire Lazard, Centerview or Qatalyst, but after reading Felix Salmon‘s lament for the breathless pre-market M&A scoop we wondered if that supplied the explanation. Maybe Google and Motorola left out the big banks because they have kind of a deserved reputation for leaking deals, and because keeping news quiet is easier at a smaller shop than at a place with thousands of public-side employees? But on further inspection that theory kind of fell apart, as trading in MMI suggests that the deal may have leaked last week.

The New York Post has what seems to be the correct explanation: Motorola had actually spent a lot of time with full-service bulge bracket investment banks recently, and had come to the considered conclusion that they’re all a bunch of dicks.

When Motorola considered splitting itself in two, it hired JPMorgan and Goldman. Then the two banks fought.

“The banks didn’t work well together,” one source close to the deal said.

So Motorola brought in Centerview to arbitrate, the source with direct knowledge of the situation said.

Now, Motorola Mobility is making the bold move of not including either bulge-bracket bank on this sale. Goldman and JPMorgan, by not working on this deal, are each likely losing more than $20 million in fees.

Goldman, JPMorgan lose $20M in spat [NYP]

But: That Jerk at Work May Get Paid More Than You [CNBC]

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9 Responses to “The Satisfaction Of Punching Each Other In The Face Was Totally Worth $20 Million to JPMorgan And Goldman Sachs”

  1. guest says:

    Insert generic "where's the rest of the article" joke here

  2. Anonymous says:

    That’s 8 points. A kronum!

  3. Anonymous says:

    Eight points. That’s a Kronum!

  4. GUESST says:

    ML making moves!

    or maybe its because the actual article was only like 10 sentences.

    Either way, I dig!

  5. FKApmco says:

    Exploring the mind of Matt Levine #1:

    JPM is Edward Cullen because he's handsome and so is Jamie.

    GS is Count Von Count. The physical resemblance of LVP to the Count is uncanny.

  6. Andy Kaufman says:

    Come on. what's more satisfying than hauling off and just popping the utter guy in the jaw? I think we're just finally waking up from a long bout of being a bunch of american pusses anyway. Screw the cash. It's not "always" about the money.

  7. UBS is Cool - kinda says:

    Haha suckers

    -UBS GM Credit Analyst

  8. House of Dimon says:

    Are you even a real bank?

  9. 2b9Xx5 Thanks-a-mundo for the blog.Really thank you! Fantastic.