- a fraction of the board gets all gung ho on buying something
- board-1 gets marching orders to do due diligence. those people are typically aware of the sentiment in the board. they delegate to their underlings and share what they think the board wants,
- if you say no, you are guaranteed to upset one of your bosses. if you say yes, its typically a positive (your boss is happy),
- most M&As are typically bad ideas. Its typically nobody's fault when the thing is written off by the next management and nobody seems to mind that much. People who waved through the due dilligence are proper executives by then and the cycle continues.
Incentives are mis-aligned, and on top of this there is usually (a) not a lot of time and (b) a veil of secrecy. Missing those fake emails does not surprise me.
- board-1 gets marching orders to do due diligence. those people are typically aware of the sentiment in the board. they delegate to their underlings and share what they think the board wants,
- if you say no, you are guaranteed to upset one of your bosses. if you say yes, its typically a positive (your boss is happy),
- most M&As are typically bad ideas. Its typically nobody's fault when the thing is written off by the next management and nobody seems to mind that much. People who waved through the due dilligence are proper executives by then and the cycle continues.
Incentives are mis-aligned, and on top of this there is usually (a) not a lot of time and (b) a veil of secrecy. Missing those fake emails does not surprise me.