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Spotted in conversations at Davos: Levy and Roth

No doubt Publicis Groupe chief Maurice Levy and head of Interpublic Michael Roth were discussing snow conditions, or the iniquitous constraints about to be imposed on capital markets by the Volcker Rule. Or were they…? See below.

One thing that may have popped into the conversation is why IPG just got so close to busting its debt covenants that it felt it had to amend them on more generous terms. In plain language that means IPG probably won’t make its earnings forecast (bad news for the share price). IPG claims it’s just a “precaution”; but the trailing share price since the announcement says otherwise: analysts don’t believe the sweet talk. Good news for any predator, though…

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