So I see Bank of America is going to buy Merrill. This reminds me of something I don't quite understand about our understanding of US socioeconomic history. How exactly is it that the name of Amadeo Giannini has largely been forgotten? You'd really think there would have been a movie or miniseries made about him by now.
Posted by armand at September 14, 2008 10:30 PM | TrackBack | Posted to Random ThoughtsIf I have time later today, my first-ever guest post here will talk a bit about the events of the last few days. My world -- the investment biz -- has had quite the weekend, and there will be Larger Implications.
Merrill isn't THE story in and of itself, though it's a symbolic and sad one for Wall St -- but it's been clear for awhile that they've been trying to manage their way out of the deep hole Stan O'Neal left them in. The fact that MER is where the Street (a universe of players that includes the Fed and the Treasury Dept) chose to dig the firebreak and make a stand -- and that's what they're doing -- is interesting and worrisome for several reasons.
But more later. I've got some work to do today.
Posted by: jacflash at September 15, 2008 07:31 AM | PERMALINKGiannini got a shout out on an episode of the Sopranos when Tony and Carmella were trying to show their kids that Italians are more than mafiosi. That's where *I* learned about him!
Posted by: kikimonster at September 15, 2008 11:08 AM | PERMALINK