BofA/Merrill: Herd no more

It must have been a bitter pill to swallow for both. But Bank of America and Merrill Lynch shareholders went ahead and approved Ken Lewis’s takeover of the Thundering Herd. Merrill’s shareholders had little choice – turning down the deal could have precipitated a Lehman-like spiral – despite the waning value of the BofA shares they’ll receive. And BofA shareholders probably wish Lewis never bid for Merrill in the first place – a move that has contributed to a 59% decline in the bank’s stock pric...