BAC Buying MER!

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Sep 14, 2008 7:12 pm

25 -28  share. Mack must be doing cartwheels all the talent he is going to get at Morgan.

Sep 14, 2008 7:36 pm

source?

Sep 14, 2008 8:43 pm

What a discrace this industry is..Maybe Hot dog on a stick will buy Morgan

Sep 14, 2008 8:48 pm

CONFIRMED By the WSJ.   BAC to buy Merryl for a premium of 29/ share

Sep 14, 2008 9:34 pm

what do you all think this will do to BAC stock?

Sep 14, 2008 9:48 pm
captclose:

what do you all think this will do to BAC stock?



It will fluctuate.

Sep 14, 2008 9:51 pm
HymanRoth:
captclose:

what do you all think this will do to BAC stock?



It will fluctuate.



Clever LOL.

Sep 14, 2008 10:25 pm

I wonder if they'll change the name to BankofAmerrill??

Sep 14, 2008 10:28 pm
fritz:

What a discrace this industry is..Maybe Hot dog on a stick will buy Morgan

 
What does this mean?
Sep 14, 2008 10:48 pm

BAC could've bought UBS' retail unit for less than that. Their model of High Networth Clients is right up BAC's ally. Yes MER has the same clients but it's kind of tough seeing BAC take on an entire investment bank when it seems they'd be better suited to take on only a retail investment force.

Sep 14, 2008 11:48 pm

This isn't good news...the powers that be forced this situation..BOA is the protected entity in this crisis....buyout???? come on....just like they did for countrywide earlier this year..its more like a "buy in" since both companies hold negative assets.


 
Lehman and Merrill Lynch failing the same week?? They couldn't let that happen...hence the powers that be "allowed" BOA  to step in. 
 
Turn of the bear market??? come on! ..the foundation of our economy is melting down in the front of your face.
Sep 14, 2008 11:52 pm
Broker7:

This isn't good news...the powers that be forced this situation..BOA is the protected entity in this crisis....buyout???? come on....just like they did for countrywide earlier this year..its more like a "buy in" since both companies hold negative assets.


 
Lehman and Merrill Lynch failing the same week?? They couldn't let that happen...hence the powers that be "allowed" BOA  to step in. 
 
Turn of the bear market??? come on! ..the foundation of our economy is melting down in the front of your face.
 
So what are you telling your clients that are invested in the market?
Sep 14, 2008 11:56 pm
So what are you telling your clients that are invested in the market?
 
 
Annuities are gauranteed, although we should probably avoid AIG.  Sorry Snags, couldn't resist.
Sep 15, 2008 12:08 am

Much like I said a while back...cash , cds, treasuries, commodities..

and shorting for my accredited clients.
 
For some of you hoping for a turnaround in the near future, please keep in mind realestate cycles are  hystorically 15-30 years from peak to peak...it'll take a long while.
Sep 15, 2008 12:13 am
Primo:
So what are you telling your clients that are invested in the market?
 
 
Annuities are gauranteed, although we should probably avoid AIG.  Sorry Snags, couldn't resist.
 
Hey, why not?  Eventually things will turn around.  Hell, why not buy the VA, get 7% growth of income base and sit in 70% bonds/mmf until the market turns around?
 
The annuity company I've been using has very little exposure to bad assets, so I'm comfortable with them.
 
Yes, if I had AIG, I'd piss my pants. 
 
I remember asking the Pru wholesaler what their exposure was to bad assets was and he said that Pru has like a 40% (not sure if that's right) stake in Wachovia stock with a put.  He said that Pru has been trying to put the stock back to Wachovia, but they weren't taking it.  Not sure how that exactly works, but that's what he said.  It's kind of scary to think about.
 
I'm just curious what you guys will now be saying to your clients that want to bail.  I personally want to bail sometimes too.  This is one of those times.  We'll see.
Sep 15, 2008 12:26 am
iceco1d:
snaggletooth:
 
Hell, why not buy the VA, get 7% growth of income base and sit in 70% bonds/mmf until the market turns around?
 
 
Snags,
 
Weren't you the one who just posted a blurb about missing the first 30 days of the rally, etc.?  If so, what's your strategy for determining when to "get back in?"
 
I'll stop there...we already know each others feelings on market timing... 
 
I know Ice, it's completely illogical.  But, I would rather be down 20% than 40%.  Plus, if I'm going to get a new client that hasn't been happy with performance, I would rather be safe right now and live to fight another day.  For some clients, I would rather miss the beginning of the turn-around than participate in the down-turn.
 
Not saying this is what I'm actually doing in practice, but I don't want to take unnecessary risks and wish some of my accounts were more conservatively allocated. 
Sep 15, 2008 12:53 am

Annuity companies are the next to blow.  Does anyone actually think ifthis goes on farther they will be able to be to pay the guarantee on the VA's.  Guy I know at ING has already said, DOW below 10,000 or so and they will probably renig on the VA's.

Sep 15, 2008 1:01 am

Its not as bad as it seems.......what 10-15 banks have gone under and expecting another 100 or so to go under????  Thats a 1000 less than in the 80's.  The markets will be fine the economy will be fine.  Not the first time this crap has happened and wont be the last.  Looks like it is going to be a exciting Monday, time to call on all my Merrill prospects!!

Sep 15, 2008 1:02 am
fritz:

Annuity companies are the next to blow.  Does anyone actually think ifthis goes on farther they will be able to be to pay the guarantee on the VA's.  Guy I know at ING has already said, DOW below 10,000 or so and they will probably renig on the VA's.

 
Pay on the guarantees when?  How can a blanket statement like that be made when it pertains to guarantees that won't be potentially used for years down the road?
 
They might jack the expenses up, but they aren't going to "renig" on all VA's because the Dow goes below an arbitrary number of 10,000.
 
 
Sep 15, 2008 1:04 am
Eyetattoo:

Its not as bad as it seems.......what 10-15 banks have gone under and expecting another 100 or so to go under????  Thats a 1000 less than in the 80's.  The markets will be fine the economy will be fine.  Not the first time this crap has happened and wont be the last.  Looks like it is going to be a exciting Monday, time to call on all my Merrill prospects!!

 
Hell yeah, I already called one tonight that has a net worth of about $20MM!!!