Bank of America to buy Merrill Lynch (Charlotte, Drexel: real estate market, utilities)

[anifani821]

Originally Posted by Londonlawyer

B of A spent about $1.6b to construct this new tower in Manhattan. I doubt that a 30 story box in Charlotte -- that cost an utter fraction of the NY tower -- would impede a crucial decision as to which city to designate as a HQ.

http://www.pbs.org/e2/images/content...cations_01.jpg

BofA has been quite clear about their intentions w/ this Manhattan location for at least five years.

Oh, did you think you were just announcing to us backwoods Southerners down here that BofA had another construction site in the Big City? Like we didn't already know????

[Londonlawyer]

Originally Posted by Carolina Blue

^^^^
This person is clueless. It makes absoultley no business sense for BofA to move its "corporate" headquarters to NY. Why? The investment bank is "already" based there....

OK, Milton Friedman. Would your civic pride be equally injured if Belk and Family Dollar move away also?

[anifani821]

Originally Posted by Londonlawyer

OK, Milton Friedman. Would your civic pride be equally injured if Belk and Family Dollar move away also?

No, but we would be fine if certain UK Barristers headed back across the pond.

[TheEmissary]

I got a recorded message from Merrill Lynch at 6:15 PM with whom I have a sizable account. They were offering a "special high-rate" CD for anything over $5000. They specifically asked that this money come from an account where you do not have a relationship with ML. I guess "desperate times call for desperate measures" on their part!

[TheEmissary]

Originally Posted by Londonlawyer

OK, Milton Friedman. Would your civic pride be equally injured if Belk and Family Dollar move away also?

London Calling - "The Clash" want their lawyer back!!!

[BrianH1970]

Originally Posted by Londonlawyer

OK, Milton Friedman. Would your civic pride be equally injured if Belk and Family Dollar move away also?

Sorry to break the heart of an upstart little fire starter....

BofA, Merrill Lynch agree to $50B deal - Sacramento Business Journal:

Although the deal will give BofA a much larger presence on Wall Street, the company’s headquarters will remain in Charlotte, Lewis said. He noted that various business lines such as investment management and mortgage are spread across the United States.

And another telling quote...

The company will also look to optimize real estate space between Merrill and BofA.

[Londonlawyer]

Originally Posted by anifani821

No, but we would be fine if certain UK Barristers headed back across the pond.

That provincial thinking is part of the reason why a global business needs to be in a global city.

[anifani821]

Originally Posted by Londonlawyer

That provincial thinking is part of the reason why a global business needs to be in a global city.

Oh, really? Well how 'bout I rephrase things. Perhaps you should be posting w/ others who are more worthy of your business acumen and insight since we provincial, backwater Southerners don't seem to be able to keep up.

[pink caddy]

This morning's papers report that NYC's losses in the Wall St. sector will result in billions of dollars. Job losses, unemployment, taxes, restaurant trade, goods and services come to mind quickly. Tens of thousands of jobs will be lost. How will Mayor Mike B. replace these losses? Hope and pray that BOA will just pull the moving van up to the front steps of NYC and back to business as usual?
Nope, doesn't work that way.

BOA knows that NYC needs help and that help can be negotiated. NYC has a long history of providing very generous tax incentives to people like BOA. Don't think for one minute that BOA will move one person into NY without a deal from the City. Don't think that the Mayor doesn't know he will have to give away the store to BOA to get from point A to point B.

Now all of this takes time. NYC might not be able to "afford" the deal. New mayor coming in soon might not want to do a deal. BOA might say our building is worth a lot more to someone else. Who knows? At this point, no one


I like the phrase from Warren Buffet--"We'll see who is wearing a bathing suit when the tide receeds"

[bandibadji]

Originally Posted by Londonlawyer

That provincial thinking is part of the reason why a global business needs to be in a global city.

Since Bank of America, Wichovia, and Merril Lynch are all Charlotte owned, does your global city theory hold water? Either Charlotte is automatically a global city now or you are way off mate. It seems a bit strange that London is submitting fame and fortune to Moscow and Istanbul? Looks like the great financial centers of Europe, like London, may be shifting in the future. It is happening in the U.S. Bank of America is absorbing them. Ain't it just great? Watch us grow into a global city.

P.S. Provincial thinking is what made Charlotte the great banking city it is today. Banks didn't just choose to move to the area. They were born and raised here. Lots to be said about provincial thinking. Heck, Londoners are enjoying our local Krispy Kream doughnuts in Harrods. That makes Winston Salem global as well.
And Bojangles, don't even go there. Great buffet (I hear).