Apologies for arriving late to the party! As I'm not currently in NY, I am a bit behind the news, but, boy, when I opened up WSJ/Dealbook/Dealbreaker/etc. this morning, what a an interesting mix of stories! I'm a was a bit flooded with mixed emotions: schadenfreude that my rival was about to go under, but compassion for my friends at the firm; sympathy that one of the firms for which I was rooting would be acquired by a second-tier shop; and growing concern over whether this will eventually affect me personally (even outside of NY, I'm seeing significant stagnation in dealflow...).
Sympathies to those affected, and I will try to remain a bit more tactful than usual, as it does suck to be in such a situation. If you want to hear my real thoughts, however, send me a PM and I'd be glad to share... as a hint, it involves the absurdiites and detriments of affirmative action.
While I think that BofA lucked out on this Merrill acq., I do say that they are making one fundamental mistake. According to the New York Times:
"It could not be determined if Mr. Thain will play a role in the new company, but two people briefed on the negotiations said they did not expect him to stay."
Oh, Mr. Thain, I am still a long-time supporter and my boy-crush remains as strong as ever. Do give a good consideration in rejoining Goldman, will you?
I have a feeling, b2, that if Thain wound up at Goldman it would only be to facilitate the sale of the firm to Wachovia or some other consumer shop, like he did with Merrill. Anybody that doubts Goldman is on the ropes is kidding themselves.
I'm right there with you holding my tongue out of respect for the shitty week a lot of guys are about to have, but there's a certain prick at Merrill I can't help hoping is about to get thrown out on his ass.
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