Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

BofA’s Lewis Paid ‘Crazy Price’ for Merrill Lynch, Buffett Says

BofA’s Lewis Paid ‘Crazy Price’ for Merrill Lynch
Warren Buffett, chairman of Berkshire Hathaway Inc. Photographer: Nelson Ching/Bloomberg

Feb. 10 (Bloomberg) -- Bank of America Corp. overpaid for Merrill Lynch & Co. in a deal struck the same day Lehman Brothers Holdings Inc. filed for bankruptcy in 2008, billionaire Warren Buffett said.

Ken Lewis, then the chief executive officer of Charlotte, North Carolina-based Bank of America, “paid a crazy price, in my view,” Buffett said in remarks released today by the Financial Crisis Inquiry Commission. “He could have bought them the next day for nothing because Merrill was going to go when Lehman went.” Bank of America completed its $18.5 billion purchase of Merrill Lynch in January of 2009.

To contact the reporters on this story: Danielle Kucera in New York at Dkucera6@bloomberg.net Andrew Frye in New York at afrye@bloomberg.net

To contact the editor responsible for this story: Dan Kraut at dkraut2@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.