They argue nations involved in the economic discussions this weekend must make a coordinated effort at bank recapitalization as well as a shared commitment to solving cross-border financial issues, such as dealing with non-U.S. banks that hold a significant amount of American paper.
By focusing on general issues rather than cross-border ones, the two companies underestimated a factor that would define, and could even scupper, the entire deal.
That idea made so much sense that the two companies had reached agreement on most of the issues usually impeding cross-border mergers, such as legal structure, governance arrangements, business strategy and dividend policy.