Fortune has a thoughtful look at the deal for Kinder Morgan. Hard to believe but when the $13.5 billion deal was announced about a year ago, it was the second largest in history. Obviously, we've had a quantum leap in deal size. But the buyout offers a much needed primer in how modern deals are put together. We've spoken a lot about all the conflicts rife in the industry. This brings it all home. "A careful examination of the process...sheds light on a situation in which managers are looking out for themselves, and their advisors don't just offer advice, they want to get in on the action. So who is minding the interests of shareholders?" Well put. With such deals basically the norm now. You have to wonder about solutions. No one wants to see a regulatory solution. That's for sure.  

For more:
- here's the article from Fortune
- more private equity news