Business news without the bullshit
"The $50 billion dollar deal from hell"
Lest we forget how whacked our banks are
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Interview with Heidi Moore
Account discussed the legacy of the financial crisis; a legacy that is still being "unwound" through the "too-big-to-fail" banking system,
Bank of America announces a proposed settlement for a class action lawsuit with shareholders over the shady Merrill Lynch acquisition (turned shotgun wedding), in which it will pay 2.4 billion dollars.
A few months after the acquisition Heidi Moore, the NY bureau chief of Marketplace, wrote an article calling it the '$50 Billion Deal From Hell'. She now says the settlement is a pittance compared to what shareholders lost in a deal that lacked even the slightest amount of due diligence - due diligence that would have exposed tremendous losses for Bank of America if it were to absorb the large investment bank run by John Thain. BofA is also laying off workers, in part from the pinch of the Countrywide acquisition. We discuss these stories, as well as the broader question of how much these financial crisis related issues are still affecting wall street today,
5 years after the fact. Is the banking system at all healthier today than it was in 2008, and have we seen any significant changes in so far as disclosure is concerned?
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