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 From Las Vegas to Dublin, it's a rough day to be an investment banker.Our Corporate Dealmaker editor Kenneth Klee moderated a panel earlier Wedneday at the annual ACG InterGrowth Conference in Vegas. As reported by The Deal editor Nathaniel Baker, there was a spirited discussion about the role of ... and use for ... investment bankers in the world of corporate dealmaking. When panelist Michael Frankel, senior VP of business development and M&A at LexisNexis, asked the gathered executives if investment bankers had "gone the way of the dodo" as far as corporate development was concerned, many agreed. Some argued that outside bankers were useful only in limited roles in today's deal environment; others complained that bankers were only concerned with closing deals, not representing the best interest of the client. In a show of hands, most audience members attested they would not even hire an investment banker for a corporate dev role. "The second Wall Street comes back to life they quit," said one audience member. Meanwhile, at Allied Irish Bank's extraordinary general meeting Wednesday, one disgruntled shareholder did more than show his hand -- he showed eggs and used his hands to toss them at the bank's chairman Dermot Gleeson. (See video.) The eggtagonist, Gary Keogh, said he was angry about losing his life savings to Allied Irish.
When asked why he chose to throw eggs, Keogh replied, "Because I can't throw my shoes." Shareholders were voting on the issue of selling €3.5 billion ($4.8 billion) of preference shares to the Irish government. The bank needs to sell off assets after regulatory stress tests indicated it needed to strengthen its capital position. - Tom Groppe @dealscape: Follow me on Twitter More from ACG on Corporate Dealmaker
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