2009-01-22 — ml-implode.com
"The whole episode is reminiscent of the AOL/Time Warner saga. Back then, AOL CEO Steve Case convinced Time Warner CEO Gerry Levin to buy his company for the absurd price of $164 billion. It was a fantastic exit for AOL shareholders and a phenomenal destruction of wealth for Time Warner shareholders. Angelo Mozilo, CEO of Countrywide, and John Thain both convinced Ken Lewis to buy their banks for values significantly higher than $0, which is what they were both worth on a stand-alone basis. And everyone knew it."
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