题目内容
Part A
Directions: Read the following four texts. Answer the questions below each text by choosing A, B, C or D. (40 points)
When executives at Google went looking for Wall Street investment bankers to underwrite the company's massive initial public offering, they laid down strict terms of engagement: bring us new ideas on how to sell the deal to investors and save the usual political gamesmanship. But with such a huge payday at stake—an estimated $100 million in fees for handling the offering—would you expect all the big firms to play by the Google rules? Of course not. Just ask Goldman Sachs.
To win a chunk of the Google business, Goldman, the nation's premier investment bank, set free its CEO, Hank Paulson, to pull some strings. Paulson is one of Wall Street's best "call men", who can wave a Palm PDA full of connections when it's crunch time to bring home a deal. But News week has learned that Paulson tried to sidestep Google's orders by reaching out to one of Google's largest investors, Kleiner Perkins, the powerful venture-capital firm that was an early Google backer. The move helped doom Goldman's efforts to win the lead underwriting spot, which went instead to Credit Suisse First Boston and Morgan Stanley.
Paulson thought his best shot was John Doerr, one of Kleiner's top partners. Bad move. When word of Paulson's misstep got back to Google's top executives, Goldman was quickly bumped from the top of the short list. "The people at Google were such enthusiasts about the rules," said one executive who works at a rival Wall Street firm. "When they heard about this, they went ape." None of the parties involved—Google, Goldman Sachs or Doerr—would comment.
The two winners, CSFB and Morgan Stanley, managed to keep a low profile. John Mack, CSFB's famously well-connected chief executive, purposely stayed out of the bidding process for fear that he might tip the scales to another player, people with knowledge of the matter say. Meanwhile, new rules for Wall Street research analysts appear to have prevented Mary Meeker, Morgan Stanley's top Internet analyst, from playing a direct role, even though she and Doerr have done business together for years.
Goldman, meanwhile, can't blame its loss just on Paulson. People close to the deal say bankers for the firm bragged to Google about the Goldman name, and didn't generate enough ideas about how to sell shares to investors through an auction. "Their lack of marketing wit may have hurt them more than Paulson," said the executive from a rival firm. Sometimes, it really does pay to play by the rules.
What can be inferred from the first paragraph?
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