Bank Of America To Buy Merrill Lynch For $50 Billion.
And while I am pretty happy with the purchase (I am a BofA stock holder), it does make me a a little nervous because of the difficulties Merrill has been having of late. First BofA got Countrywide and now Merrill - I hope it doesn’t backfire on them somewhere down the line. But who would have thought that Merrill Lynch would have ever needed help? It just goes to show you that no bank is immune, and according to many insiders, WaMu should be the next bank to be “saved” by someone - who, no one knows…
Bank of America on Monday began adding another slice to its growing financial services empire, buying Merrill Lynch in a $50 billion deal that would create a bank offering everything from fixed-income trading to credit card lending. It will rival Citigroup Inc., the biggest U.S. bank in terms of assets.
Merrill is on pretty good financial ground other than their real estate investments, so hopefully this will turn out to be a great buy for Bank of America.
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