Many say this is a horrible deal, but Bank of America seems intent to close this deal. Here's one quote from a Bank of America official that was mentioned in the article:

“We understood that there was a black hole from here to there and that Countrywide was going to go through some financial difficulties,� said Robert Stickler, a Bank of America spokesman. “The question was, how big is the hole. We did more due diligence than we have ever done on a deal and we concluded that the hole was manageable.�

 

Submitted: Jun 8, 2008    Views: 140    Comments: 1    Likes: 1   


View Article: http://www.nytimes.com/2008/06/08/business/08country.html?partner=r...


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Sam Cass
Sam_Cass

This will either cement Ken Lewis' rep as the consumate deal maker or tarnish what he has built. I personally believe they understand the risks and that's why they've offered only $4 billion for the company. Time will tell.

Posted: Jun 9, 2008



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