I’m no m&a expert but I’ve been involved with due diligence for a few acquisitions nearly identical to this. It’s a somewhat adversarial process wrapped in ple

I’m no m&a expert but I’ve been involved with due diligence for a few acquisitions nearly identical to this. It’s a somewhat adversarial process wrapped in pleasantries and some extension of good faith. It’s nearly impossible to vet everything, particularly when the investment isn’t of material risk to the organization and the business wants to move quickly. The challenge here is with the fact that privacy rules still very much apply and data management during due diligence can be haphazard. The acquiring company doesn’t just automatically get access to everything, it’s a negotiation. JPMC could have literally asked ‘send us your customer database’ and Frank could (and should) say no way and talks still continue. The one thing i don’t get is how this didn’t also show in their financials.