Did Barclays Back the Wrong Billionaire?

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March 21 (Bloomberg) -- Jeffrey McCracken reports on Barclays lost chance to be among firms sharing hundreds of millions of dollars in fees from Alibaba’s initial public offering. He speaks on Bloomberg Television’s “In The Loop.” (Source: Bloomberg)

They backed the wrong billionaire in a dispute -- not a dispute, but a contest, if you will, to get sprint.

Softbank is one of the largest holders in alibaba and he used his influence to exert pressure and keep barclays away from the ipo.

What does it mean in terms of fees they are losing?

Tens of millions of these.

This is probably the largest ipo since they spoke and it could be larger.

It could be as big as the gl ipo several years -- gm ipo.

It depends on your perspective.

Barclays feels they were blacked out completely.

The view from the moscow some -- masa san people is they found a competitor had -- competitor.

Isn't that part of the business -- you win some, you lose some, you backed the wrong billionaire, and so be it.

There is a standard process where you basically select which client you will go with, and it is cut and dry, long-term, who will do more business with us, who we get more money from?

This is a stark example, if you will.

This is a situation that could linger for years and years.

Ali baba will be one of the largest companies coming out of china.

Who is benefiting?

Everybody else.

Barclays is a top five bank, so folks like credit suisse, jpmorgan, goldman, they will really benefit here.

So, does it mean anything for the bottom line overall, or is it just for the m &a division?

This is not a positive development.

I think they are really disappointed in charlie ergen.

They thought he was going to push softbank for sprint, and in the end he backed out and went after's -- after light squared.

Xd radically, charlie should be loyal to them.

Exactly, but the problem is you have not only alienated softbank, but probably ali baba, and there is a chance they could try to do the deal with t-mobile that they have been discussing for so long.

Calmly what is going on overall in the m&a environment.

We seem to hear about deals here and there.

What is volume look like?

Volume looks strong.

We have a couple of weeks in march, and it will probably be the best first quarter since the crash of lehman brothers.

We are looking at big deals.

We had the comcast deal, the



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