Commentary: "It's Open Season At Dlj"

On paper, the plan looked sensible enough when Swiss bank Credit Suisse Group picked up Donaldson, Lufkin & Jenrette Inc. for $13.4 billion in August. As execs at both firms explained, combining Credit Suisse First Boston's expertise in banking for technology companies with DLJ's high-yield debt franchise would create a megabank--capable of competing against the Big Three investment banks Morgan Stanley Dean Witter, Goldman Sachs, and Merrill Lynch.

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