Heidi Moore on market mysticism and divining trades through financial astrology

­Welcome to Capital Account. In today's show, we discuss the legacy of the financial crisis – a legacy that lives on in the 'too-big-to-fail' banking system, which our guest Heidi Moore believes may be too simplistic a cliché. Bank of America announces a proposed 2.4 billion dollar settlement for a class action lawsuit filed by shareholders over its shady Merrill Lynch acquisition-turned-shotgun-wedding.

A few months after the acquisition, Heidi Moore, the NY bureau chief of Marketplace, wrote an article calling it the ‘$50 Billion Deal From Hell.’ She now says the settlement is a pittance compared to what shareholders lost in a deal that lacked even the slightest amount of due diligence. That oversight could have resulted in tremendous losses for Bank of America, if it were to absorb the large investment bank run by John Thain. BofA is also laying off workers, partly over downsizing connected to its acquisition of Countrywide. 

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