babcocks credibility has gone, page-8

Of its $2 billion in revenue as of its December balance date, a mere $25 million came from external advisory sources. The rest comprised base and performance-fee income, and advisory income from Babcock's "captured vehicles"."

So its "Vertically Integrated" so why is this a bad thing,

People use roads, ports, electricity and pay for that use and B&B receive income