Stunning Fall for Main Street’s Brokerage Firm - NYTimes.com

Stunning Fall for Main Street’s Brokerage Firm - NYTimes.com: "Merrill, which has lost more than $45 billion on its mortgage investments, agreed to sell itself to Bank of America for $50.3 billion in stock, according to people briefed on the negotiations.

It is a remarkable fall from grace for the 94-year-old Merrill, whose corporate logo — a bull — has long symbolized the fundamental optimism of Wall Street. After a frantic weekend of talks between Wall Street executives and federal officials over the fate of the teetering Lehman Brothers, fear spread on Sunday that Merrill, staggered by losses, might also falter. The merger would combine Bank of America’s banking and lending strength with Merrill Lynch’s wealth management expertise."