Crash of the Titans

Greed, Hubris, the Fall of Merrill Lynch, and the Near-Collapse of Bank of America

Bank of America Settlement With SEC: Not Wrong, But Not Right, Either

1 December 2010

A study released yesterday concerning the Securities & Exchange Commission's settlement with Bank of America over its acquisition of Merrill Lynch found that the SEC treated the bank with kid gloves because of the state of the U.S. economy at the time. The Merrill Lynch acquisition is the focus of "Crash of the Titans," the [...]

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Author, Greg Farrell

GREG FARRELL is a correspondent for the Financial Times. In January 2009, he broke the news that Merrill Lynch had paid out its 2008 bonuses a month ahead of schedule, in December, even though Merrill was in the process of losing $28 billion for the year, and Bank of America needed an extra $20 billion in taxpayer funds to complete its acquisition of the firm. That story sparked an investigation by New York attorney general Andrew Cuomo. Greg is a past winner of the American Business Press’s Jesse Neal Award for investigative reporting and a recipient of the Knight-Bagehot Fellowship for business journalism. He earned a BA from Harvard University and an MBA from the Graduate School of Business at Columbia University.

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