Thursday, June 30, 2005

Bank of America buying MBNA 

Well, well. Another bites the dust, when will Bank of America (BAC) stop? It was less than a year after they integrated Fleet Boston acquisition and now they are doing it again. Serial acquirer often ends up badly, think Enron, Tyco just to name a few. Banks are especially late in buying stuff. Just remember they were buying up real estates in the 90s right before the real estate crisis was brewing, or BAC buying mutual fund/brokerage companies at the peak of the stock bubble. Now they are buying credit card companies at the peak of the credit bubble and the peak of credit quality. Track the banks and what they buy and run the other way will make you rich 9 out of 10.
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