Crash of the Titans

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

“Crash of the Titans” Launches With Excerpt in WSJ.com’s Deal Journal

Today is it — the official launch of "Crash of the Titans." And what better way to kick it off than with an excerpt  in The Wall Street Journal's "Deal  Journal" blog? In a summary before the excerpt, the WSJ's Shira Ovide writes:

"A new book by Financial Times journalist Greg Farrell“Crash of the Titans: Greed, Hubris, the Fall of Merrill Lynch, and the Near-Collapse of Bank of America” — hashes out the details of Merrill’s final weekend, the leadup to the brokerage’s trauma and the aftermath for Bank of America.

During the frantic weekend, teams from Merrill and Bank of America were camped out on separate floors of law firm Wachtell Lipton. Merrill executives, including President Greg Fleming and Pete Kelly, a top in-house lawyer, were weighing how to negotiate the sale of their firm."

Read the full excerpt here (no password required).

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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.