The WSJ and others are reporting that BofA has turned its attention to acquiring Merrill Lynch instead of Lehman. While I was playing golf today it looks like Barclay's entered the Lehman fray more prominently but wanted more from the Fed than they're willing to give. The Fed is willing to give nada still. Good.
It's looking more and more like investment banking/brokerage as a stand alone business is going the way of the dodo. The last man standing (Goldman Sachs) either needs to reconsider its structure or is going to come out as the big winner. I'd bet on the latter.
long MER
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