Analysis: BofA's takeover of Merrill makes sense despite doubts

09/14/2009 | Financial Times (tiered subscription model)

Bank of America CEO Ken Lewis has been criticized, scrutinized and bullied by regulators as well as faced hostile lawmakers and shareholders' litigation regarding the acquisition of Merrill Lynch. For BofA, however, the deal makes strategic sense. The bank's offer for Merrill may have been too high considering Merrill's troubled assets, but BofA's outlook would be much more dismal without the profit generated by trading operations at Merrill.

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