Sunday, September 14, 2008

BofA to buy Merrill Lynch

Surprising news that should boost BofA at the open. BofA is taking advantage of this sale on financials. After picking up Countrywide they are making a play for a huge full service brokerage in Merrill Lynch. Soon anyone working in the financial industry will be employeed by BofA. From this early stage it looks like a good move for BofA. Here is the headline on Yahoo Finance....

Bank of America Corp. will reportedly buy Merrill Lynch & Co. for about $44 billion

NEW YORK (AP) -- Bank of America Corp. has agreed to buy Merrill Lynch & Co. for about $44 billion, or around $29 a share, according to The Wall Street Journal. A deal between the two big financial companies would lift the uncertainty that has shrouded Merrill Lynch since the start of the credit crisis a year ago.