Racing & Stade - Le Merger
September 15 2008, Bank of America agree a deal to acquire Merrill Lynch. A deal which came as a mighty relief to US Treasury Secretary, Hank Paulson, and the then Chair of the Federal Reserve, Ben Bernanke. Don't worry, I'll get to the rugby bit shortly. Paulson and Bernanke had watched on, as Investment Banking giant, Lehman Brothers filed for bankruptcy earlier that day. They were frantically aware that the aforementioned merger played an important role in stopping the next Domino from walloping Wall Street. The credit bubble had burst. Financial meltdown and that. To put it in a scenario with which we were all familiar, Merrill were Mufassa dangling on the rock edge. Fortunately, Bank of America had a more friendly outlook on matters than Scar, and saved them from falling into the on coming stampede. Rare that the moral compass of an Investment Bank will be given the thumbs up but Scar really was a bad bloke. This was a deal driven by preservation. And this fina...