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Bank of America-Merrill Lynch: A Deal from Hell
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Heidi Moore calls the Merrill-Bank of America deal a Deal from Hell because it includes destruction of market value, financial instability, impaired strategic position, organizational weakness, damaged reputation, and violation of ethical norms and laws. But the speed with which this deal put together in 48 hours has cratered shows how everything went wrong. On January 22 Thain resigned abruptly from Merrill-Bank of America amid a culture clash between the 2 organizations. After the deal closed on January 1, 2009, there has been an additional $20 billion in Treasury support, $118 billion of government backstops, a $15 billion loss at Merrill for 2008, a devastated share price for Bank of America falling 78% since the bank agreed to acquire Merrill on September 15. Bank of America stock closed at $33.74 on the Friday before the deal closed, on January 21, 2009 its share price was $6.68. Merrill was acquired at $29 share price, value which has disappeared. And Thain's and Kenneth Lewis 's reputations are tattered, with even more writedowns expected on the Merrill bad assets.
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.
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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
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Merrill Lynch legal settlements
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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
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Wall Street Journal 01/22/2009
Bank of America and Merrill Lynch in 2010-2012
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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
Bank of America and the Merrill Deal
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Grouped Articles
Pain of Thain Falls Mainly on Merrill
Wall Street Journal 06/06/2013
BofA Deal With U.S. Is Hung Up Over Penalties Tied to Countrywide, Merrill
Wall Street Journal 07/29/2014
New York Attorney General Steps Up Probe Into BofA-Merrill Disclosures
Wall Street Journal 07/02/2011
Bank of America Shares Fall to Lowest Point in Two Years
New York Times 08/09/2011
Wall Street Journal 09/08/2011
Waiting for a New Blueprint From Bank of America
New York Times 09/07/2011
Merrill Lynch.
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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
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