Thursday, July 10, 2008

Financial Relations Board Impressed Itself

Could not resist this one as earnings season starts up. The Financial Relations Board (FBR) which is part of Interpublic Group of Companies (IPG) announced that during the first six months of 2008 they advised on more than $12 billion of M&A. This is impressive because they have already surpassed the volumes they did in the entire last year.

These guys are financial communications specialists. They are part of a publicly traded company. Their web site claims that they have helped their client’s share prices rise higher than major stock market indices. But when they talk about themselves they do not say how much money they have made in these endeavours. The major i-banks who are in the business of M&A advice usually keep track of fees and let the world know how profitable they are.

Perhaps the good folks at the Financial Relations Board should look to some congruence and report numbers about themselves that investors would find useful.