Wall Street's Global Power

On June 28, 1993, Carlos Menem, the President of Argentina, was in Washington for a state dinner with President Clinton. But for Menem, the real celebration didn't start until later that evening at a party he threw for American executives, congressional representatives, and diplomats. The guests of honor were investment bankers from Merrill Lynch & Co. and CS First Boston Inc. The two Wall Street firms that day had successfully marketed the largest stock sale in Latin America, a $3 billion equity offering for YPF, the huge Argentine state-owned oil company, and had ended up selling even more shares than had been expected.

To continue reading this article you must be a Bloomberg Professional Service Subscriber.