14 January 2004
Get thee behind me, Chase
Back in October, commenting on a big bank merger, I said this:
If there's a bank you'd like to see bought out, write to their credit-card department and have them send me an application.
Needless to say, this was before J. P. Morgan Chase put up $58 billion for Bank One.
That bit about not putting all your eggs in one basket doesn't at all anticipate that the baskets might want them there.
(About that title: Back in the pre-Morgan days, Chase had a brief advertising campaign to the effect of "Put The Chase behind you," usually with someone who isn't really a businessman but who plays one on TV saying something like "When I need to expand, I put The Chase behind me." One of our language pundits, probably either Edwin Newman or William Safire, pointed out that putting something behind you had an entirely different meaning to some people: "Thank God, I never have to bank there again!")