Whether a Tobin Tax would affect volatility in the same way as underlying market transaction costs is not clear.
As details of the transaction emerged, it became clear why Mr Prosser had changed his mind.
Two years ago, it was high on a list of potential big-ticket technology sellers, but it soon became clear that securing a transaction would be difficult.
"We have provided Airgas shareholders with a clear path to completing a transaction, and we now need a strong mandate from the independent shareholders in electing the Air Products nominees and approving our by-law proposals at the September 15 Annual Meeting, " says JohnMcGladeJohn McGlade, Air Products' chief executive.
From flash mobs to the contagion of national uprisings that comprised the Arab Spring, it is clear from recent events that the transaction costs for mobilizing groups have shifted, thanks to ICTs.
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But if Berlin and Paris at some point - and of their own accord - make it clear that their opposition to the transaction has abated, BAE and EADS would then have another go.
If there are Navy jets routinely flying a few hundred feet above a rural site that is part of a contemplated transaction, the potential for government objection may be clear.
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The only clear winners are the firms advising on the transaction.
Even if this transaction failed utterly in that regard, it is far from clear whether Greenberg knew it did.
For example, it is not clear at all how a bankruptcy court would treat the transaction.
If you consider that every possible transaction in the economy is arbitraged against the Treasury yield curve, it is clear that paying banks above the Treasury yield curve to hold reserves will depress both total demand and bank lending.
It was a clear case of the flea swallowing the elephant by taking on billions in debt to accomplish the transaction.
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