rmenton

How the Government Forced BofA to Marry Merrill Lynch

It now looks like BAC significantly overpaid, which would have been a direct result of inadequate due diligence. Thain said the positions which led to the deterioration in earnings were legacy. Therefore they should have been examined at the time of due diligence. I don't know about invoking a "material change" clause. As for the shareholders, let's hope the new administration is willing to inherit the mistakes of Paulson/Bernanke/Lewis in respect of more losses. Clearly lawsuits will start springing up, and heads will roll. Will the shareholder get an escape route, is the question.