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Are You A Financial Services Company Stuffed To Gills With Toxic Assets And/Or On The Verge Of Bankruptcy? Don't Hold Your Breath For Brian Moynihan's Call

Time was, Bank of America loved buying companies. Bonus points if there was a not-so-subtle suggestion by the target's CEO that BofA would one day be very sorry for doing so, or that they would've been better off picking up an asbestos manufacturer, or that they were looking at roughly $40 billion (and counting) in legal fees associated with fuck-ups that were to become Bank of America's problem, or that they would have night terrors for the rest of their lives about signing those papers. As it's been a while since BofA went shopping, some in the financial services industry have been wondering if we can expect any announcements re: big deals anytime soon or if Ken Lewis's unsolicited suggestions (Groupon, Sino Forest, The Thirsty Beaver, and most recently: "a P&C insurer with outsized exposure to the Northeast") are or have ever been under consideration? Sadly for fans of the Lewis Era/style of doing business, not so much. Mr. Moynihan said in response to an audience question [at the bank's two-day investor presentation conference for financial companies at the Plaza hotel] that the bank has "no acquisition plan at all." BofA's Moynihan Says Fiscal Cliff Impact Already Happening [WSJ]

Bank Of America Wins (Unofficial) Deal-Making Award For Remarkable Achievement

Remember when Bank of America bought Countrywide in 2008 and CFC Chief Executive Officer/Oracle Angelo Mozilo said they wouldn't be sorry and it wouldn't be long before BofA would "reap what Countrywide hath sowed"? He wasn't kidding and now, finally, BAC and Ken Lewis, the guy who had the foresight to do the deal, are having their vision and skills recognized. Bank of America thought it had a bargain four years ago when it paid $2.5 billion for tottering mortgage lender Countrywide Financial Corp. But the ill-fated decision has already cost the Charlotte, N.C., lender more than $40 billion in real-estate losses, legal expenses and settlements with state and federal agencies, according to people close to the bank. "It is the worst deal in the history of American finance," said Tony Plath, a banking and finance professor at the University of North Carolina at Charlotte. "Hands down." Bank Of America's $40 Billion Mistake [WSJ]