Update: Paulson to Lewis on BofA Merrill Merger, An Offer He Couldn’t Refuse?

Update: In Depth View via Bloomberg:

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Our previous posts on the Clash of these Bank, Trading and Finance Titans here

Disclaimer: MiM are Merrill/BofA shareholders, our view is pretty damn biased as a result..

Was Timmeh in the room and in the loop? He was head of NY Fed then, betcha he was in the loop…..

Andrew Cuomo has his teeth in and he has that bulldog lockjaw thing happenin’ as he gets ready to run in 2010, Cuomo v Giuliani would be sweet!

Ken Lewis is SOL, shareholders are rightfully pixxed as all get out if he let Hank bully him into waiving withdrawing form the merger under MAC provisions. Material Adverse Change, which is what the MER losses  were at that point according to Lewis’ testimony to Cuomo

…BUT even if he stood up to Hank and pushed ahead and went to court in DE, Hank is right in what he told Lewis anyway, DE is a tough fight on MAC, and it would have likely turned out BofA could NOT withdraw under MAC as with proper DUE DILIGENCE they should have KNOWN these losses were coming…either way Lewis is Fired CEO Walking…

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