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Last week, for example, Bank of America agreed to invest $2 billion in the large and troubled mortgage lender Countrywide Financial, buying preferred shares that carry an interest rate of 7.25percentt and can be converted to common stock at $18 each.
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Murstein, the president of Medallion Financial, bought the Long Island Lizards last May with other investors.
In 2005, Man Financial bought the remains of Refco, which had filed for bankruptcy.
Mergers are indeed taking place: last spring, Manulife Financial bought John Hancock for $10 billion, and MetLife has made a number of tiny deals.
Until Siebert Financial bought it this fall, Women's Financial Network carried a "financial horoscopes" page.
There has been a rise in financial firms buying up companies that provide social services.
Corporations indulged in financial engineering, buying back tons of stock with cash flow.
Some 57% of its revenues come from financial companies buying its credit scoring, fraud detection and other information.
Still, I often see far too many folks who are clearly in financial distress buying $20 worth of lottery tickets.
There has been $132 billion worth of mergers announced in January, according to Dealogic, some $17.7 billion of it from financial sponsors buying out public companies and taking them private.
In August, Bowne & Company, a financial printer, bought Mendez, a translation unit, for $44.5 million.
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