Ken, I Thought You Said We Were Buying a Laundromat

An eye-opening excerpt from Andrew Cuomo’s lawsuit against BofA for its Merrill Lynch acquisition:

…when BoA’s directors met Sunday, September 15 [2008] to approve the [Merrill] transaction, they thought they were going to buy a completely different company – Lehman Brothers. Director Thomas May expressed “surprise” when he learned, as he went into the approval meeting itself, that Merrill was the acquisition target. Director Chad Gifford later wrote, in a December email that discussed the tough conditions facing the Bank, “it’s the way we approved acquisitions that ticks me off the most!!!” [Emphasis mine]

More here.