Proceedings PaperMergers and acquistions of 1991
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When I went back and started to track the industry for the last year, we see a tremendous amount of acquisitions and mergers. Tremendous amount of startups which by the way has a very good side to the recession, which I'll speak to. And reorganization which is also maybe a euphemism for restructuring, downsizing. As Gary mentioned, these trends were well underway before the recession, but certainly in 1991 we saw the acceleration of this, primarily from government defense cutbacks, which again have been accelerated by the end of the Cold War. We also have the restructuring which has been going on for several years because of the heightened global competition. And the third thing, of course, it's all come together with all recession.