Bank of America to buy Merrill Lynch
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And so long, Lehman. Via WSJ, the quote of the day:
Word [of the deal] began to leak out on Sunday at the New York Fed, where top Wall Street executives had been huddled to discuss the fate of Lehman. Executives were relieved that Merrill had found a buyer. "Who was the magician who pulled this rabbit out of a hat?" exclaimed a top executive of one bank.
Well, there you have it.
I assume the top executives are losing everything and facing jail time? No?
NOTE Apparently not:
Mr. Thain would collect an exit package worth about $9.7 million if Bank of America completes its takeover, according to David M. Schmidt, a pay consultant for James F. Reda and Associates LLC in New York.
Perhaps Mr. Thain would consider donating his millions to the poor? Assuming $1.00 gets you five ramen noodle packages, that's meals for 48,500,000!
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So, now B of A
will control everything-- mortgages, credit cards, consumer loans, our access to bank accounts? Call me crazy, but that just seems wrong.
Lehman Bros. filing Chapter 11
NY Times reporting that Lehman Brothers will file for Chapter 11 bankruptcy Monday morning. Bad times are right around the bend.
Oh Noes.
Worst "Sophie's Choice" evah.
So if there's really just one big bank
... why don't we turn it into a public utility and have done with it?
Looking on the bright side, Krugman points out that we really don't know. The future lies ahead!
[ ] Very tepidly voting for Obama [ ] ?????. [ ] Any mullah-sucking billionaire-teabagging torture-loving pus-encrusted spawn of Cthulhu, bless his (R) heart.
o/t, Lambert
but why are the times listed on the comments on PDT? Aren't you in the eastern time zone? I know this is trivial, but I have decided to fixate on it. Please humor me. It keeps me from descending into a black abyss over the imploding economy.
You can control time zone: Go to your user account, click edit,
then choose your actual time from the list (down at the bottom of things you can edit).
For some reason, some blip, my time zone got changed; so just corrected it so it makes sense.
User account is My Account under your user name on the right.