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"Michael Lewis concludes by saying that the CEO's are not really lazy or stupid, but their institutions have become so opaque. I can't quite believe both parts of that sentence."

I think the problem is that many of these firms have been expanding for its own sake ... or to increase the value of the top company jobs. Once a company starts to expand beyond it's strategic expertise, it starts to become difficult to run ... no individual lens for cost-cutting or better service can work outside of a given area. If there is no strategic value in an acquisition, it will always become a cost rather than a gain for shareholders. Synergies at all of the Citibank or General Electric businesses are simply impossible to develop, and the deadweight makes them less competitive.

-John T
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