Sallie Krawcheck: Why big brokerages will prevail - Crain's New

The decision by the 62-year-old Bank of America Corp. chief executive officer to purchase Merrill in January for $29 billion already is generating more than 25 percent of the bank's profits — along with charges by government officials
Put another way, pre-Merrill BAC shareholders currently own less than 50% of the "new" Bank of America. This dilution is reflected in the current stock price, which is down approximately 48% from September 12, 2008, the last trading day