Finally got around to watching this video. Kudos to Gerry Levin for taking responsibility for the worst merger in history. His comments about banks being malls instead of supermarkets is very true, but it’s not his, it’s Chris Whalen’s, who provided a helpful counterpoint in NYT’s non-mea-culpa from Sandy Weill. Their point is that the synergy Sandy Weill claimed for Citigroup — combining insurance with commercial banking with investing banking with retail brokerage, etc. — was bogus from the start.
In a regulatory filing this evening (see page 54), Time Warner announced that it bought back Google’s stake in AOL, for a 97% discount to what it paid in January 2000. If AOL stock gets floated at a similar valuation, it might be a good value play.