Among the bright spots in Bank of America’s earnings report this morning was the performance of Merrill Lynch, the acquisition of which during the height of the crisis drove Bank of America into the TARP program, the political consequences of which subsequently drove former CEO Ken Lewis to lose his job, the respect of his own mother, and also perhaps his mind. According to Bloomberg, revenue from the investment bank have helped bring profits this quarter to a record $7 billion and, more important, back to normal.
Reading that ought to feel pretty good for Lewis. Reading the following probably does, too.
At least they’re someone else’s problem now.