The June 11, 2009 Wall Street Journal article "A Daring Trade has Wall Street Seething" by Gregory Zuckerman, Serena Ng, and Liz Rappaport reported how Amherst Holdings of Austin, Texas, made a big score against large banks like J.P. Morgan, Bank of America, and the Royal Bank of Scotland.
Texas needs a strong banking sector and the story of Amherst Holdings is an example showing Texas banking can compete. I mentioned in December 6, 2008 that this down-turn is a good time to start investment banks in Texas. In December 24, 2008 I mentioned that Texas is weak in banking and needs to become stronger. The Amherst Holdings deal is a good example of how Texas banking and finance can tackle the big boys in New York.
In February 15, 2009 I mentioned that Texas needs greater strength in accounting and law to support a growing banking industry. In June 9, 2009 I described how Huntsman Corp sued Credit Suisse and Deutsche Bank and won over $600 Million. Huntsman is a good example of why we need great lawyers in Texas. Anytime you do business with the big boys in banking and finance you must be ready to go to court.
It is great to see businesses in Texas like Amherst Holdings and Huntsman playing on the big stage. It is important for the state of Texas that they compete and win.
Robert Canright
Here is a followup WSJ article, "Deconstructing That Daring Amherst Trade" and another article at Business Pundit.
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