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Ken Lewis Raises More Eyebrows Than Just Ours

We wondered if Ken Lewis bothered to read the Material Adverse Change clause for the Merrill Merger very carefully. Either he did, and managed to pull off a fantastic bluff over Paulson's head, or he paid as little attention as anyone else. We took a look at the details yesterday in: What Was Lewis Really Up To?
We aren't the only ones to notice, it seems. The always interesting Credit Writedowns caught the story today: BofA's MAC clause was as porous as swiss cheese quipping:

The latest news is stunning: Bank of America's MAC clause could probably never have been invoked because it had a specific exclusion for the deteriorating prices of legacy assets on Merrill's books.

Indeed.

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