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Learning more of these details, it seems that Lehman was a sacrifical lamb... too many problems to solve in one weekend. Merrill board didn't want that fate, and somehow got a 70% premium bid by BOA.

This leaves Goldman and Morgan Stanley as independent investment banks... five majors now down to two.

This is a major consolidation, will reduce the future shenanigans and reduce the future systemic risk. This is all a net positive.
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