Paolo Zanonni, a partner at Goldman Sachs, returns to Douglas Rae's Yale course Capitalism: Success, Crisis and Reform to finish his account of Enel's attempted acquisition of the Spanish utility Endesa. He walks through the deal's mechanics: Enel's bid to expand from Italy into Spain, the counterbids and defensive maneuvers from rival utilities, and the involvement of multiple European governments protecting national interests in the energy sector. Zanonni uses the transaction as a case study in how politics and regulation shape supposedly free-market deals, describing the regional politics and shareholder battles that complicated a straightforward corporate acquisition. Recorded in Fall 2009 as part of Yale's Open Courses series, the talk gives students a practitioner's view of investment banking from someone who worked the deal, connecting the specifics of European utility mergers to the course's broader themes about capitalism's relationship to state power.