Bank of America Merrill poisoned
Saturday, Mar 14,2009, 2:49:38 PM Click:
Copyright 2009 TheStreet.com, Inc.All Rights Reserved
TheStreet.com
11 March 2009 Wednesday 17:02 PM EST
SECTION: OPINION; rating
LENGTH: 372 words
TITLE: Today's Outrage: Bank of America Merrill poisoned
Signature: Glenn Hall, editor.
Hall is the editor of TheStreet.com. Previously, he served as deputy editor and chief of innovation at the Orange County Register and a news manager at Bloomberg News in Frankfurt, Amsterdam and Washington, DC As a journalist, he covered businesses and financial markets, has worked in the print and television the United States and Europe, and investigated in depth coverage of the Gazette-Journal, Fort Wayne, Ind. His work has also been published in various newspapers, including The Wall Street Journal, The New York Times and International Herald Tribune. Hall received a BA in journalism and political science from Ohio State University and graduate management has taken science courses at Boston University.
Updated from 10:30 am EDT
Bank of America (BAC: NYSE) is becoming increasingly clear that the grief of his gratitude to the rescue of Merrill Lynch.
Now, the investigation of the beginning of premiums paid to Merrill traders just before the takeover was completed takes a new turn.
New York Attorney General Andrew Cuomo suspects premiums May encouraged Merrill's folk to mark the value of their negotiating positions in December, paving the way for the fourth quarter loss of $ 15 billion recorded as part of Merrill Bofa, as Financial Times.
Although this May have been a surprise to the Bank of America Ken Lewis, CEO, it is no less in the hot seat for not possibly provide sufficient warning to investors.
Keep in mind that Merrill massive fourth-quarter loss was not included in the Bank of America profit, so we have to see what the full impact of the recovery will be.
Investors can blame for Lewis Merrill's last-minute shenanigans? Well, they can certainly fault him for not doing enough due diligence. And it remains to be seen what will say the regulation of information.
The most outrageous part of this saga is the number of people apparently Merrill took the money and ran. Today, Bank of America has lost another investment bank Merrill adviser to Credit Suisse (CS: NYSE). Deutsche Bank (DB: NYSE) chose 12 last month. There was a lot further and it becomes difficult to keep up with them all.
Meanwhile, Bofa shares are languishing below $ 5 after a major brand to slip over $ 30 before the takeover of Merrill was announced in September.
Citigroup (C: NYSE) is the only major rival bank suffering from the market, the shares below the $ 2.
JPMorgan Chase is held on a higher share price of $ 20.40 when it closed today, Morgan Stanley (MS: NYSE) closed at $ 22.51 and Wells Fargo (WFC: NYSE) closed at $ 11.88.
A year ago, these banks have been trading in a very close.
At the end of February 2008, shares traded at Bofa $ 39.74, JPMorgan is at $ 47.40 and Morgan Stanley was $ 42.12. Citi and Wells Fargo were the laggards, the end of February 2008 at $ 29.23 and $ 23.71 respectively.
Thus, if the market is the judge, Ken Lewis May have played too much Merrill.
LOAD-DATE: 12 March 2009
Copyright © 2009 LexisNexis, a division of Reed Elsevier Inc.. All rights reserved
Terms and Conditions Privacy Policy
TheStreet.com
11 March 2009 Wednesday 17:02 PM EST
SECTION: OPINION; rating
LENGTH: 372 words
TITLE: Today's Outrage: Bank of America Merrill poisoned
Signature: Glenn Hall, editor.
Hall is the editor of TheStreet.com. Previously, he served as deputy editor and chief of innovation at the Orange County Register and a news manager at Bloomberg News in Frankfurt, Amsterdam and Washington, DC As a journalist, he covered businesses and financial markets, has worked in the print and television the United States and Europe, and investigated in depth coverage of the Gazette-Journal, Fort Wayne, Ind. His work has also been published in various newspapers, including The Wall Street Journal, The New York Times and International Herald Tribune. Hall received a BA in journalism and political science from Ohio State University and graduate management has taken science courses at Boston University.
Updated from 10:30 am EDT
Bank of America (BAC: NYSE) is becoming increasingly clear that the grief of his gratitude to the rescue of Merrill Lynch.
Now, the investigation of the beginning of premiums paid to Merrill traders just before the takeover was completed takes a new turn.
New York Attorney General Andrew Cuomo suspects premiums May encouraged Merrill's folk to mark the value of their negotiating positions in December, paving the way for the fourth quarter loss of $ 15 billion recorded as part of Merrill Bofa, as Financial Times.
Although this May have been a surprise to the Bank of America Ken Lewis, CEO, it is no less in the hot seat for not possibly provide sufficient warning to investors.
Keep in mind that Merrill massive fourth-quarter loss was not included in the Bank of America profit, so we have to see what the full impact of the recovery will be.
Investors can blame for Lewis Merrill's last-minute shenanigans? Well, they can certainly fault him for not doing enough due diligence. And it remains to be seen what will say the regulation of information.
The most outrageous part of this saga is the number of people apparently Merrill took the money and ran. Today, Bank of America has lost another investment bank Merrill adviser to Credit Suisse (CS: NYSE). Deutsche Bank (DB: NYSE) chose 12 last month. There was a lot further and it becomes difficult to keep up with them all.
Meanwhile, Bofa shares are languishing below $ 5 after a major brand to slip over $ 30 before the takeover of Merrill was announced in September.
Citigroup (C: NYSE) is the only major rival bank suffering from the market, the shares below the $ 2.
JPMorgan Chase is held on a higher share price of $ 20.40 when it closed today, Morgan Stanley (MS: NYSE) closed at $ 22.51 and Wells Fargo (WFC: NYSE) closed at $ 11.88.
A year ago, these banks have been trading in a very close.
At the end of February 2008, shares traded at Bofa $ 39.74, JPMorgan is at $ 47.40 and Morgan Stanley was $ 42.12. Citi and Wells Fargo were the laggards, the end of February 2008 at $ 29.23 and $ 23.71 respectively.
Thus, if the market is the judge, Ken Lewis May have played too much Merrill.
LOAD-DATE: 12 March 2009
Copyright © 2009 LexisNexis, a division of Reed Elsevier Inc.. All rights reserved
Terms and Conditions Privacy Policy
You may also be interested in:
Featured
Without the Wind Blowing, Florida Insurers Struggle to
No major storms have socked Florida for a few years now, but the residential
Corbin Heads SilverStone Group's Des Moines Initiative
SilverStone Group, a full service resource management organization with more
Zurich now offers three new insurance programs for
SCHAUMBURG, Ill.--(BUSINESS WIRE)-- Zurich, a leading property and casualty
AIG May Not Attract Buyers to SunAmerica U.S. Variable
American International Group Inc. offers some living-benefit guarantees to
Hawaii Pacific Health, Humana sign agreement
Copyright: Business Wire Source: Business Wire Wordcount: 713 Business Editors
CHINESE INSURERS TO REAP HIGH INVESTMENT YIELD IN Q4
Chinese insurance companies are expected to keep their investment yield at a
Annuity Industry Fights Back, Last Chance to join the
Massive change is upon the annuity industry. Now is your chance to lead the
MOST POPULAR
- Most Read
- Most Discussed
- Most Emailed
- average monthly cost for health insurance
- Aetna CEO Ronald A. Williams' 2008 Pay Package: $3.14 Millio
- House Democrats Say CBO Projects $500 Billion in Gross Savings From Medicare
- UnitedHealth, Aetna Win TRICARE contracts, Replacement Humana, Health Net
- Getting Older, but working longer: the average age at retire
- Tap Retirement Funds Penalty-Free Age Can Play A Role IRA
- Extension of TRICARE Health Insurance Coverage Included
- "Usual and Customary" Rates in the Health Insurance Industry
- Health Plans awaiting verdict in 2010 Medicare Advantage Cut
- President Obama to Hold Health Insurance Reform Rally in College Park, MD
-
Today, Outrage: Bank CEO May Go Next Time -
![Copyright: Federal Information News Dispatch, Inc. Source: Congress of documents and publications Wordcount: 705 [Washington DC] - Assistant Majority Leader of the Senate Dick Durbin (D-IL) and](/plus/timthumb.php?src=/uploads/090327/1_140449_1_lit.jpg&w=154&h=112&zc=1&q=100 "Copyright: Federal Information News Dispatch, Inc. Source: Congress of documents and publications Wordcount: 705 [Washington DC] - Assistant Majority Leader of the Senate Dick Durbin (D-IL) and")
Report Shows Small businesses lack of choice in health insur -
Report: Delaying Health Care Reform Perilous -
CIGNA & CMC Life Enters China's Health Insurance Market -
Hallmark Financial Services Files Preliminary Proxy to elect -
Pa. House Sends Health Insurance Bill To Senate -
Social Security And Medicare Finances Worse Than Thought Rec -
A DECREASE IN PAY REFLECTS Woes BUT STILL GOT HARTFORD'S CEO
Discuss this news
Click Here to see all comments