I woke up this morning to learn that Bank of America is buying Merrill Lynch, Lehman Brothers is filing for bankruptcy, and insurance giant AIG is seeking $40 billion in federal funds to stay afloat.
This of course follows the bailouts of Fannie Mae and Freddie Mac last week and the sale of Bear Stearns to JP Morgan Chase in March.
I’ve been hired to write for—and often consult with—many of the large financial services firms over the past few years and none of the people I’ve worked with saw this morning coming.
It raises a serious question for every firm in the financial services industry once the dust settles: How will we ever regain the investing public’s trust again? Note to AIG: It won’t be with ads like the one above.