Pfizer: "The Last Hurrah Of A Business Model That Is Breaking Down"? -- Cons. MP Robin Walker (Worchester) UK Parliment

Well, do go read it all, at Bloomberg -- Mr. Read's meticulously-coached, endlessly prepped non-answers are plainly annoying the UK's ruling elite.

That this would be the outcome -- was obvious from day one. Doubly so -- if one declares that financial engineering will rule a $120 billion (yes, that's the minimum -- in order to have a solid shot at a transaction that will actually close, in my estimation) mostly hostile trans-Atlantic takeover. Delicious:

. . . .Bailey asked Read whether he planned to maintain spending on research. Read began what Bailey viewed as a potentially long answer.

“I asked a simple question,” Bailey interrupted him. "I’ll get there,” Read said. "Could you get there quickly?" Bailey replied. Frank D’Amelio, Pfizer’s chief financial officer, confirmed that spending would be cut.

From there, the questions became more pointed. "Your talk so far has been a lot of sales talk but very short on fact," said Brian Binley, a Conservative member of the committee. When Read began to respond, Binley cut him off: "You answer my question, sir, don’t answer yours."

Robin Walker, another Conservative, suggested that the proposed merger was "the last hurrah of a business model that’s fundamentally breaking down. . . ."

Binley focused on Pfizer’s record in Sweden, where Prime Minister Fredrik Reinfeldt has said the country had "negative experiences" after the New York-based company bought Pharmacia. . . .

"I’m sure there are reasons why you broke your promises," Binley said. Are you concerned that you broke your promises?"

"I don’t believe we broke our promises," Read replied.

Pressed for details about how many jobs he planned to cut and where, Read refused. "I can’t make any commitment on spending country-by-country right now," he said, going on to remind the committee of Pfizer’s pledge to keep a fifth of the combined company’s research and development workforce in Britain. "It is a hard commitment. That’s a substantial commitment."

Asked by Labour’s William Bain for a number, Read refused. "You know what substantial means," he said. "You’ll know it when you see it, what substantial is. . . ."

It would be hilarious -- if it were not so darn predictable. And so sad -- for the AstraZeneca and Pfizer employees -- the rank and file, now being jerked around by this demi-titan. I'll fall silent now.