Ridiculous Item of the Day
filed in financial services on Sep.17, 2008
Have these people been alive and breathing in recent days? Hilarious…
From the San Jose Business Journal:
Merrill Lynch & Co. Inc. shareholders have filed suit against the brokerage firm’s chief executive, John Thain, and its board over Bank of America Corp.’s proposed $50 billion buyout of the company.
The lawsuit, filed in New York State Supreme Court, claims the deal is “wrong, unfair and harmful to Merrill shareholders.”
The suit says the defendants “have clear and material conflicts of interest and are acting to better their own interests at the expense of Merrill public shareholders.”
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September 17th, 2008 on 10:49 am
That made my day…it’s living proof of the much greater fool theory.
September 17th, 2008 on 11:58 am
Chad, question for you – how healthy is GE Asset Management? Should we be worried about them too?
And as always, thanks for all your insightful thoughts & advice!
September 17th, 2008 on 12:31 pm
Danielle,
My firm and I have been fortunate enough to avoid the landmines others have stepped on so far (AIG, FNM, FRE, WM, CFC, BSC, LEH, MS, GS, MER) — knock on wood — but of the companies Peridot is invested in, GE is the one that I am most worried about at this point.
Hopefully GE’s disclosures will be in depth when they report Q3 earnings next month. I would put GE in the category of a company investors certainly need to keep a close eye on. It’s too early to say they are in trouble, but concern and close monitoring is certainly warranted given the scope of their financial services divisions.