Tuesday, January 05, 2010

One disastrous deal

It's always good when a chief executive apologises for a disastrous mistake and maybe in global media terms Time Warner's sale for AOL shares at the hieght of the Dot Com boom may be one of the worst.

This morning's FT reports that Jerry Levin,who presided over the $164b deal has said on TV that

“I presided over the worst deal of the century, apparently, and I guess it’s time for those who are involved in companies to stand up and say: you know what, I’m solely responsible for it,” said Mr Levin. “I was in charge. I’m really very sorry about the pain and the suffering and loss that was caused. I take responsibility.”

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