Bank of America, fresh off its $2.5 billion buy of Countrywide Financial, agreed over this historic Wall Street weekend to shell out $50 billion to, in essence, save Merrill Lynch from bankruptcy. Shearman & Stearling advised Merrill on the deal that will end nearly a century of independence for one of the world's most storied banks. John Madden, the lead Shearman partner on the deal, calls the rush to save Merrill before the markets opened Monday "one of the most extraordinary weekends of my career."
Wachtell, Shearman, Cravath on Bank of America-Merrill Deal
The American Lawyer
September 15, 2008