The Money Wars: The Rise and Fall of the Great Buyout Boom of the 1980's

Offers an assessment of the merger and buyout activities of the 1980s, discussing the causes and goals of corporate restructuring, the financial methods and tactics employed, and key players in the buyout game

Smith ( Global Bankers ) believes that the merger mania and leveraged buyouts of the 1980s have been subject to "negative exaggeration" by critics. Citing evidence that this frenzied corporate restructuring has led to increased American productivity and competitiveness, he reviews the acrimonious buyout of RJR-Nabisco, the hostile raids on Polaroid and Time-Warner, the demise of Drexel Burnham Lambert, the bust-up of the Beatrice conglomerate and other headline-grabbing stories. From J. P. Morgan's consolidation of U.S. Steel in 1901 to the runaway '20s to the merger booms of the '60s and '80s, the record, in Smith's estimate, is clear: merger waves and bull markets tend to go together, and they involve only a relatively modest amount of GNP, even at their peaks. Smith, who teaches international business and finance at New York University, has written a challenging book that punctures many widely held assumptions about the mergers and acquisitions process.
Copyright 1990 Reed Business Information, Inc.

The 1980s were dominated by a new breed of capitalist and complex financial deals. Smith, author of The Global Bankers ( LJ 9/1/89), puts this activity into perspective in this comprehensive discussion of the principles and tactics of the major mergers and acquisitions of the 1980s. Smith defends these "money wars" as helpful to the economy and not just actions of greed. It is difficult to find a niche for this volume as it will be a rehash for those familiar with the stories, but it is also too complex for the uninitiated. Libraries desiring broad holdings in business and finance may want to purchase.
- Richard C. Schiming, Mankato State Univ., Minn.
Copyright 1990 Reed Business Information, Inc.