Word: mbna
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...Lewis took over. But rather than retrenching as most people expected, Lewis proved he liked the art of the deal as much as McColl. In 2003, Bank of America bought Boston-based bank Fleet for $47 billion. Two years later he spent $35 billion to buy credit card giant MBNA. And as the credit crisis began to unfold, Lewis picked up Countrywide, which at its height was the nation's largest independent mortgage lender, for just over $4 billion...
...tenure was marked by several major acquisitions, including FleetBoston Financial Corp. in 2003 for $47 billion, credit card giant MBNA in 2005 for $35 billion, Countrywide Financial Corp. in 2008 for $4 billion, and Merrill Lynch in 2008 for $50 billion...
After leaving the Administration, Holder made millions representing corporations like Merck and MBNA. He met Obama six years ago at a Washington dinner party and later advised the then Illinois Senator's office. Obama tapped him, along with Caroline Kennedy, to head his vice-presidential search committee last summer, a process that apparently deepened the candidate's trust in Holder. When Obama called to offer the Attorney General job in late November, the issue of independence arose immediately. Obama made clear he was looking for someone to represent the rule of law, not his political interests, a point Holder stressed...
...captured BofA in 1998 and hauled the name back to Charlotte. Since Lewis became CEO in 2001, the bank's reach has exploded in every direction. BofA is now No. 1 in deposits (with the $47 billion purchase of FleetBoston Bank), No. 1 in credit cards ($35 billion for MBNA) and No. 1 in wealth management ($3.3 billion for U.S. Trust), and with the Countrywide deal, it will soon be No. 1 in mortgages. If Wall Street once looked at this bank as some sort of Southern arriviste, that notion was erased for good in November 2006 when BofA...
...hear the last-possible appeal of an antitrust ruling against MasterCard and Visa, the Supreme Court ended a six-year legal battle over how the two market leaders blocked rivals from partnering with card-issuing banks. American Express announced that it would roll out credit cards with MBNA, and Discover is pursuing new partners too. The change comes at a time when consumers are already overwhelmed with pitches for new plastic--in the second quarter, a record 1.4 billion mailings went out, according to direct-mail tracker Synovate. That means the average household received 6 offers a month, up from...