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FRONTLINE | Sneak Peek 2: Breaking the Bank | PBS

Duration: 03:14

Bank of America CEO Ken Lewis, former Merrill Lynch CEO John Thain and industry observers recall the events following the rocky merger including the day Lewis fired Thain.

The bets were huge and risky—billions of dollars on the housing market. The upside was undeniable—superbanks reaped billions of dollars, dominated the landscape, and gobbled up competitors. Then the bottom dropped out—the massive losses on Wall Street nearly broke the banks. In the worst crisis in decades, brand name banks are on the brink. Now as the federal government implements an unprecedented intervention in the industry, FRONTLINE goes behind closed doors to tell the inside story of how things went so wrong so fast and to document efforts to stabilize Wall Street. Veteran FRONTLINE producer Michael Kirk (Inside the Meltdown) untangles the complicated financial and political web threatening one particular superbank—Bank of America.

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Post Date: June 15, 2009