Goldman/ABN Amro: flying Dutchman

Like the Flying Dutchman, which was doomed to sail the seven seas forever, Goldman Sachs seems fated to sail around the auction of ABN Amro without finding a lucrative harbour. Sure, the investment bank has ended up with a mandate. But it’s only to advise the Dutch bank’s supervisory board on the fairness of any bid - the sort of task that earns a fee of a few million euros at best. That’s a miserable trifle compared to the vast advisory fees that rival firms may earn if their bids succeed. Wh...