Investment bankers are hardly sitting around watching YouTube and playing computer golf. They're working on some big deals, like the IBM purchase of SPSS. We might see more fruits from that labor in the second half of the year, notes Business Week.

This is indeed a decent time for strategic deals. Now might be the time for transformative deals, the likes of which we've seen from Pfizer and Oracle. Companies might as well make hay while the big private equity firms are on the sidelines. Of course, any spate of deals would be good news, given the sleepy state of the deal market over the last year and a half.

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