Meredith Whitney Calls BofA's Deal with Merrill a 'Mistake', But Still Likes Ken Lewis
Famed banking analyst Meredith Whitney told reporters last night that Bank of America's (NYSE: BAC) purchase of Merrill Lynch was Ken Lewis's "one major mistake acquisition", according to a Bloomberg report. Despite the bad decision, Whitney believes that BofA should retain the long-time CEO as he "has done a great job", save the Merrill deal.
In an interview with CNBC's Maria Bartiromo yesterday, Whitney, who has been decidedly bearish on the banks since last year, said she might consider easing up on shorts in the sector. She also suggested that tangible book values in the financial sector could start moving higher soon. While the analyst still seems pretty bearish on the sector, a "less-bearish" stance -- coming from her -- seems promising.
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