JEC

Bank of America's Acquisitions: What Was Ken Lewis Thinking?

To Investor1...wake up.

To preface, since you bash the journalist, let me say...I am in high finance. BofA doesn't understand the underlying depth of the positions they have taken in thier acquistions. They did due diligence on Countrywide in 15 days...I say BS. Lehman has more than 2 billion different deriviative positions, imagine how many Mother Merrill had...and to think that BofA was able to do due diligence on those Merrill positions in two weeks. Wake up man, the market in general will recover 2+ years but BofA has some serious bumps in the road coming, if not worse.

They are employing the old late 80's Texas strategy of buying distressed assets on the cheap and leveraging up for growth. It served Ken Lewis and his cohorts well back then but unlike back then they are not cherry picking all this stuff at the bottom of the market...