Lisa Carnoy, an executive at Bank of America, recently engineered a huge deal to sell 1.3 billion shares in the bank, enabling them to reap $19 billion and relieve themselves of their TARP albatross. How did she makes shares in a distinctly unstable company look attractive to potential investors? Well. The mother of four, who once negotiated a deal from inside her daughter's princess tent, used the same principle that drove sales of Jessica Seinfeld's popular children's cookbook, Deceptively Delicious:
It's “The thought was,” Ms. Carnoy said, “how do you make something that looks, smells, breaths and acts like common stock?”
Basically, she bundled a bunch of securities and warrants together to create a product that would eventually mature into actual stock. No word on whether she used a blender.
The $19 Billion Woman [NYO]