Private Equity Attacks Invesment Banking: Citi Assailed by Guy Hands' "Solid Earth"

Terra Firma (Latin for "solid earth"), the PE group of Guy Hands which he spun out of Nomura International, is suing Citigroup over the EMI deal in 2007 in which it paid £2.5bn (which they referred to as a "fraudulently inflated price", or was it £4bn?) at the height of the buyout boom. Citi acted as adviser to EMI. Guy is a graduate in PPE from Mansfield College, Oxford (founded on the principle that "dissenters" had the right to study at Oxford).