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For Bank of America, the Pressure Mounts Over Merrill Deal
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Kenneth Lewis's thinking that the Merrill acquisition would work in September 2008, and the brutal markets in the months afterwards.His urgent meeting on December 17 with Paulson and Bernanke after learning of large new losses at Merrill. The decision to do what was he says patriotic and not cancell the deal leading to his staying mum on the meeting and on the huge new losses. Shareholder protest. Merrill's loss for the 4th quarter of 2008 was a huge and devastating $15.3 billion, leading to the firing of Merrill's John Thain for not disclosing everything he knew about the new losses.
The Bank of America-Merrill Lynch Deal, a disaster in the making.
09/15/2008
The disaster that the acquisition of Merrill is turning out to be for Kenneth Lewis and Bank of America.
Grouped Articles
Pain of Thain Falls Mainly on Merrill
Wall Street Journal 06/06/2013
Bank of America to Pay $6.3 Billion To Settle Mortgage Securities Suit
New York Times 03/26/2014
BofA Deal With U.S. Is Hung Up Over Penalties Tied to Countrywide, Merrill
Wall Street Journal 07/29/2014
Bank of America Mortgages Show Conflict and Trickery in Mortgages
New York Times 08/21/2014
Death and Near-Death Experiences on Wall St.
New York Times 09/21/2008
Thain's Swiftness Praised; Fuld's Hesitation Faulted
Wall Street Journal 09/16/2008
Bank of America and the lawsuit related to the Merrill Lynch acquisition
01/17/2009
Grouped Articles
Pain of Thain Falls Mainly on Merrill
Wall Street Journal 06/06/2013
Bank of America to Pay $6.3 Billion To Settle Mortgage Securities Suit
New York Times 03/26/2014
BofA Deal With U.S. Is Hung Up Over Penalties Tied to Countrywide, Merrill
Wall Street Journal 07/29/2014
A $50 Billion Claim of Havoc Looms for Bank of America
New York Times 09/28/2011
At Bank of America Merrill Lynch, Profits but No Joy
New York Times 10/01/2011
Bank of America Settlement in Lawsuit Is Challenged
New York Times 04/20/2012
Merrill Lynch.
01/17/2009
Grouped Articles
BofA Deal With U.S. Is Hung Up Over Penalties Tied to Countrywide, Merrill
Wall Street Journal 07/29/2014
Wall Street Journal 09/08/2011
At Bank of America Merrill Lynch, Profits but No Joy
New York Times 10/01/2011
Merrill Bristles as BofA Toils On
Wall Street Journal 11/16/2011
For Bank of America More Trouble from Merrill Lynch Merger
New York Times 09/28/2012
For Bank of America, the Pressure Mounts Over Merrill Deal
New York Times 01/17/2009
Bank of America after Ken Lewis.
01/17/2009
Grouped Articles
Bank of America to Pay $6.3 Billion To Settle Mortgage Securities Suit
New York Times 03/26/2014
Bank of America Chief Resigns Under Fire
Wall Street Journal 10/01/2009
Job's Breadth Poses Challenge to Possible Successors
Wall Street Journal 10/01/2009
Perils for Big Players Stir Management Changes at the Top
Wall Street Journal 10/01/2009
Wall Street Journal 09/30/2009
Ken Lewis’ Farewell Letter: A Journey “Not For the Faint of Heart”
Wall Street Journal 09/30/2009
Bank of America and Merrill Lynch in 2010-2012
01/17/2009
Grouped Articles
Pain of Thain Falls Mainly on Merrill
Wall Street Journal 06/06/2013
Bank of America to Pay $6.3 Billion To Settle Mortgage Securities Suit
New York Times 03/26/2014
BofA Deal With U.S. Is Hung Up Over Penalties Tied to Countrywide, Merrill
Wall Street Journal 07/29/2014
Merrill Bristles as BofA Toils On
Wall Street Journal 11/16/2011
Merrill Lynch to Pay $315 Million to Settle Mortgage-Loans Lawsuit
Wall Street Journal 12/07/2011
Bank of America Settlement in Lawsuit Is Challenged
New York Times 04/20/2012
Merrill Lynch legal settlements
01/17/2009
Grouped Articles
Banks Keep their Mortgage Litigation Reserves a Secret
New York Times 01/16/2014
BofA Deal With U.S. Is Hung Up Over Penalties Tied to Countrywide, Merrill
Wall Street Journal 07/29/2014
Merrill Lynch to Pay $315 Million to Settle Mortgage-Loans Lawsuit
Wall Street Journal 12/07/2011
For Bank of America More Trouble from Merrill Lynch Merger
New York Times 09/28/2012
For Bank of America, the Pressure Mounts Over Merrill Deal
New York Times 01/17/2009
Wall Street Journal 01/22/2009
The bad side of incentive based executive compensation
12/31/2008
Executive pay and bonuses are paid based on incentives to produce good performance. But the parameters that measure performance such as share price can be manipulated resulting in a perverse sytem that incentivizes bad decisions costly to the company even while executives are earning large or grossly disproportionate pay and bonuses. This happened at Merrill Lynch, Citigroup and other financial firms that collapsed or reached the brink of collapse.
Grouped Articles
SEC Wants Boss-Employee Pay Gap on Display
Wall Street Journal 09/19/2013
S.E.C. Proposes Greater Disclosure on Pay for CEO's
New York Times 09/18/2013
Wall Street Journal 10/31/2013
The 'Market' Isn't So Wise After All
Wall Street Journal 12/31/2008
Wall Street Bonuses Are an Outrage
Wall Street Journal 02/04/2009
Does Golden Pay for the CEOs Sink Stocks?
Wall Street Journal 12/26/2009
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