If advertisers can buy Yahoo inventory through Google, why wouldn't they abandon Yahoo's Panama
system and just feed everything through the AdSense network? After all, it takes more effort to learn
and manage two systems when one would do as well.
Google's response: Larry Page was strangely ambiguous. He explained that "sophisticated"
advertisers like to use two sources. But then, in a non-sequitur, he tried to extend that thought to
other advertisers as well: "I think the effect there is relatively minor for large customers, and the
vast majority of the customers there."
Again, the vagueness is telling.
Investment in Yahoo's Panama system. All of this creates a paradox. On the one hand, Jerry Yang
said that the deal would leave Yahoo financially stronger and so better able to invest in Panama.
