Bank of America to buy Merrill Lynch
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!