The misfortunes Bank of America suffered in its acquisition of Merrill Lynch are really pretty much par for the course. The history of mergers between investment banks and commercial banks is a sorry one and the loser is inevitably the commercial bank.

I have no idea why this should be so. All sorts of theories present themselves. From the thesis of the relative intelligence of the two factions to a theory on the relative ethics or the respective players, there is ample room for speculation. Sadly, a definitive answer will probably never be found. This article from the Telegraph does nothing to enhance our understanding of the phenomenon but it is an interesting recapitulation of the various debacles.