NEW YORK, NY-- A former board member of Merrill Lynch said yesterday that companies have figured out a new way to survive in the global economy: merge with other companies until Uncle Sam declares you "too big to fail".
"Some on Wall Street are saying that if you can't compete, then fatten yourself till you're too big to be slaughtered. The feeling around town is that the Federal government is a craven softy easily bullied."
Steven Schlesinger argued that GM's desire to merge with somebody - anybody - was for that purpose.
"Instead of going down with the ship, many companies like GM are trying to bring others, including the U.S. government, down with them. It's another example of a culture devoid of shame."