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Originally Posted by Mavdog
I couldn't keep up with all the inaccurate and ridiculous comments by peter schiff.
why did b of a want merrill? a retail brokerage network of 16,000 professionals, a top 5 investment banking franchise and a top tier wealth management group, all bought for about 50 cents on the dollar.
and it was done as a stock swap, so b of a was able to keep its cash.
"too big to fail"???? b of a was ALREADY the largest bank in the world!
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You can claim they are ridiculous. You don't know though. Maybe time will prove him once again to be correct. Just like with a 100 dollar oil when it was 20 dollar, just like with the stock market at the end of the last millenium, just like when he told mortgage brokers that home prices would collapse. You don't know what their portfolio is worth, we can only assume. It is impossibe, however, to prove a projection inaccurate when it's made. Only time can tell.
P.S.: I read that BoA paid a 70% premium on the Merrill stock. How's that 50 cents on the dollar?