When my colleague Jyoti Thottam wrote this profile of Bank of America CEO Ken Lewis in January, we used the headline “The Savior of Countrywide?” Guess we can drop the “Countrywide” and question mark. Here’s B of A’s rundown about how big and bad it is, now that it’s swallowing Merrill Lynch: The combined company [...]
Was deregulation a factor in bringing us to our financial system to its current teetering state? Yeah, sure. But the deregulatory decision most often cited by lefty (and not so lefty) observers–the 1999 repeal of the Depression-era Glass Steagall Act that had separated depositary banking from investment banking–is actually looking pretty good this Monday morning. [...]
