It shares most of the rest of the honours with fellow Americans Merrill Lynch and Morgan Stanley. The UK started its privatization programme before anyone else, and has come a long way in 17 years. But this means that what's left looks distinctly unappetizing. Jonathan Ford China Breaking the taboo Chinese companies have changed very little since minority stakes were sold to international investors. Sophie R ell Russia Piling high to meet the quota There have been some very dodgy deals done in Russia of late.
Big privatizations are by far the worst affected.
Favoured banks are getting companies on the cheap. The highly respected Anatoly Chubais has been sacked. But smaller deals have worked. Foreign banks are hopeful of a slice of the action. Some emerging markets have surprisingly successful and sophisticated privatization programmes.