TD Acquires Cowen

Another commercial bank with a historically weak Cap Markets / Advisory franchise trying to buy their way to a full service investment bank. Reminds me of the time Uncle Randy came out of the fishing shed with a steel dildo and battered my Aunty Clara over the head with it until she confessed to being a 3,000,000 year old dinosaur from the Paleolithic Era who was seeking about Tree Fiddy in change so she could take the time travel bus back home.  

The acquisition makes a lot of sense from my POV. 

If you’re TD, you’re racing the other Canadian Banks for the fastest US growth right now, and it’s tough to grow fast in IB/CM organically at their size/footprint, so large acquisitions like this one help them increase their pace.

My only questions/thoughts are essentially, why wouldn’t they try to go bigger than Cowen? They’re going to have to do basically this transaction again every 2-3 years to keep the growth coming, and it’ll end up being too many moving parts to integrate, rather than just making one big acquisition of another american full-service investment bank and focusing on making that transformational integration work such as when TD merged with Canada Trust.

Can we get an 'L' in chat for all our Cowen Elite Boutique bois that now will be working for 'Toronto-Dominion Bank" ?

Thats what cowen gets for rejecting me after a supderday