The problem is when you separate owners from the management of their assets and capital. Those that manage these and are not owners begin over time (if not from the beginning) to see other priorities for other people´s money.
Bad road to go down.
Onésimo Alvarez-Moro
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A rather curious letter was carried in this newspaper last week from one Hugh Hendry, a London-based hedge fund manager. The two-way bid battle between EMI and Warner Music, Mr Hendry wrote, should be resolved by Warner coming out on top. And the combined group should be run by Warner's current boss, Edgar Bronfman.
Now, call me old-fashioned, but I am not sure a hedge fund manager is the best person to decide who runs a global music empire. Nor am I sure the US investor Kirk Kerkorian, who is trying to bounce General Motors into an alliance with Renault and Nissan, is an operational expert on the car industry.
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