Bank of America/MBNACredit where it’s due

The last time Bank of America did something this bold, investors vilified it. The $47bn takeover of FleetBoston sliced billions of dollars from BofA’s market value. It took a full year for shareholders to recognize that the deal was hitting on its promises, and was timed nicely to capture growth in the US economy and the household credit boom. Will BofA’s $35bn purchase of MBNA be a repeat success? It may be. For starters, the deal stacks up financially in a way the Fleet did not at first appea...