Crash of the Titans

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

Business Insider Excerpts How BofA’s Brian Moynihan Became General Counsel

In this first published excerpt from Greg Farrell's "Crash of the Titans," Business Insider reprints the story of how Bank of America CEO Brian Moynihan got the job of general counsel at the bank; in a word, it happened fast — after a meeting in which then general counsel Tim Mayopoulos was fired.

So, where is Mayopoulos now? He's general counsel at Fannie Mae.

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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.