< HOME  Sunday, January 01, 2006

BoA swallows competitors WHOLE

Bank of America Corp. ["BoA"] completed its acquisition of MBNA Corp. on Sunday in a deal worth about $34.2 billion.

In 2004, [BoA swallowed] FleetBoston Financial [whole] for $48 billion.

Like we really needed another consolidation among predators.
MBNA [shareholders] will receive 0.5009 common shares of [BoA] plus $4.125 in cash for each of their shares.
At that price, I wouldn't mind being swallowed whole!

But, wait:
[Boa] plans to eliminate 6,000 jobs across both companies, which the Charlotte-based bank has said will help it achieve overall cost savings of $850 million by 2007.

Something is terribly wrong, here. Ordinarily, when predators decrease in number their prey thrives.

But because these predators control the money supply, the fewer they are in number, the larger they become and the more devastating their effect on the ecosystem.

We must stop them, before it's too late.

[illustration by vper1]


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