Last Friday, there were five globe-bestriding Wall Street investment banks. Today there are three. Lehman Brothers, a 158-year-old financial colossus, is headed for bankruptcy and oblivion. Merrill Lynch, which was following the same trajectory, was bought by Bank of America.
Tellingly, the markets greeted that acquisition by selling off Bank of America shares, despite CEO Ken Lewis’s happy prattle about the "synergies" supposedly catalyzed by this buy-out. Likewise, the bank’s credit rating took a hit following the transaction. This is exactly the opposite of what we would expect to see when one business demonstrates its vitality by purchasing another. In this case, however, it is well understood that BofA wasn’t gaining assets, but rather taking on an infection.
And there are at least 1,000 more banks headed over the edge, as well….
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