Word: lynching
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...weekend before Lehman Brothers' collapse, Merrill Lynch CEO John Thain turned to Lewis for help. Thain called Lewis to offer him 10% of his firm. Lewis said he wanted it all. By the end of the weekend, the deal was done. Lewis was hailed as a hero for saving Merrill on the same morning that Lehman was forced to file for bankruptcy. (See the top 10 bankruptcies...
Lewis had long coveted the retail brokerage business. Merrill Lynch, with its legions of investment salespeople, was to be Lewis' crowning acquisition. It ended up being his undoing. In the quickly hatched deal, Lewis paid $19 billion for Merrill, which most people agreed was nearly bankrupt. In the fourth quarter alone, Merrill Lynch lost more than $15 billion...
...mail to the bank's staffers saying he will retire by the end of the year. Lewis, 62, said it was his decision to leave, but no one could miss the huge legal dustup swirling around him over the bank's deal late last year to buy Merrill Lynch. The Securities and Exchange Commission (SEC) and New York attorney general Andrew Cuomo have been investigating whether Lewis misled shareholders to gain approval of that acquisition. He could soon face charges in those probes. (See the top 10 crooked CEOs...
Since the acquisition, Bank of America's stock has fallen 50% and at one point went as low as $2.53. The problems at Merrill Lynch have turned out to be much bigger than Lewis originally thought. And at times, the Merrill-related losses have raised anxiety about the health of the entire bank. In January the Treasury Department announced it was injecting an additional $20 billion into Bank of America. In all, the government has spent $45 billion trying to stabilize the finances of the bank...
...rare move, a federal judge threw out a proposed $33 million settlement between the Securities and Exchange Commission and Bank of America stemming from the company's January takeover of Merrill Lynch. The SEC had sued the bank over $3.6 billion in undisclosed bonuses paid to Merrill staff before the deal. Judge Jed Rakoff accused bankers and regulators of having a "cynical relationship" that penalizes shareholders rather than bank executives...