Some breaking news
out of Bank of America: The company plans to get rid of 7,500 employees after it consummates its deal to buy Countrywide Financial. That's expected to happen July 1 now that Countrywide shareholders have voted in favor of the deal. Personally, I think this is a high risk deal that could prove to be one of the worst deals in the history of modern banking -- right up there with Wachovia
buying Golden West Financial or First Union buying The Money Store (and merging with CoreStates
, for that matter). But so be it.