July 1, 2012 – Honey I Lost $40 Billion: Pictured above, Bank of America Chief Executive Brian Moynihan, right, and his predecessor, Kenneth Lewis, shown in 2009. Bank of America Corp. thought it had a bargain four years ago when it paid $2.5 billion for tottering mortgage lender Countrywide Financial Corp. But the ill-fated decision has already cost the Charlotte, N.C., lender more than $40 billion in real-estate losses, legal expenses and settlements with state and federal agencies, according to people close to the bank.
“It is the worst deal in the history of American finance,” said Tony Plath, a banking and finance professor at the University of North Carolina at Charlotte. “Hands down.” Follow the link below for the biggest blunder in acquisition history.
The Master of Disaster