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January 08, 2007

No More Starving Bankers - Banks Get $10 Billion Pay Day from Buyouts

posted by MR WAVETHEORY at 1/08/2007 11:15:00 AM
The dot com bust created a raft of starving bankers a few years ago, but bankers are starving no more - thanks to the the private equity boom. Banks generated $11 billion of fees from buyout shops in 2006.

Private equity firms continued to be a lucrative source of revenue for investment banks last year, contributing a significant slice of the $37bn (€29bn) paid to investment banks by alternative asset managers.

Private equity firms paid more than $11bn (€8.4bn) to banks last year. They still lagged behind hedge funds, which provided more than $25bn in fee revenue to banks during the same period.

US heavyweight Kohlberg Kravis Roberts was the top fee-payer among buyout firms.

It's such wonderful news to hear that bankers are starving no more and can once again go binging on Ferraris and Florida mansions. I wonder when those dollars will trickle back down to the starving unwashed. masses. Hmm.

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