From the beginning, in March 1996, with the acquisition of Athena Neurosciences, Elan has been barking up the wrong tree.

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K. Narayanan said that Obama would be "barking up the wrong tree" if he were to subscribe to such views.

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"I tell them, 'You are barking up the wrong tree if you want someone to generate commissions for you, ' " he said.

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But if those advocating a euro breakup are barking up the wrong tree, so too are those arguing for the immediate creation of common euro-zone bonds and a banking union.

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And there was a lack of oversight from the regulator, the Financial Services Authority: it was "thoroughly inadequate... not so much the dog that did not bark, as a dog barking up the wrong tree".

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