cabanker

Meredith Whitney sticks up for Ken Lewis (BAC).

Only problem was Merrill? Did she happen to notice the $2 billion investment into Countrywide in late '07, followed by the early '08 acquisition at $4 billion for a combined total of a cool $6 billion? Couple that with all the portfolio write-downs and I'm sure they've shoveled north of $30 billion down that rat hole.......
But at least they have an origination platform for mortgages they won't be able to securitize and sell anymore....