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Bloodsport: When Ruthless Dealmakers, Shrewd Ideologues, and Brawling Lawyers Toppled the Corporate Establishment by Robert Teitelman

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Chapter Six

THE DEBATE OVER DEFENSE

THE CHASM BETWEEN abstractions like the Coasian firm, a nexus of contracts and agency costs, and thoughts emerging from the dark id of your average CEO, banker, shareholder, reporter, or citizen squinting at his morning paper was, well, unbridgeable without tortured simplifications. M&A was a complicated business. The theory of the corporation, or corporate governance, slid quickly into a swamp of Talmudic hairsplitting, which was not normally tolerated in family newspapers. Smears were allowed, particularly if they were paid for in cash. The innuendo (Lipton’s sighing “embarrassment” at the behavior of Amex’s Roger Morley or the clever tut-tutting of Cheney’s “Saturday Night Special” in defending Garlock) ...

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