Who bought the Merrill Lync following the mortgage crisis and for how much?
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Bank of Americafor for $50 bn
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Citi Group for $ 19 bn
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AIG for $ 50 bn
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Bear Stearns for $ 19 bn
A
Correct answer
Explanation
Bank of America agreed to acquire Merrill Lynch in September 2008 for approximately $50 billion in stock. This occurred at the height of the financial crisis to prevent Merrill Lynch from collapsing. The deal significantly changed the landscape of American investment banking.