I have had just about as much fun as I can take...

...in investment banking. That, if you remember, was what Kenneth Lewis, Bank of America’s chief executive, said a year ago. Now it appears BofA is looking at Lehman. Fun, fun, fun. Still, broker/dealers almost never end up being sold to the people who would get the most from them -- remember DLJ and Credit Suisse -- but rather to those whose greed exceeds their fear by the largest amount. HSBC appears to be driven be fear: if BoA isn't, it may end up with a rather better deal in its second crunch acquisition than it did in its first.

Update. Michael Lewis is most amusing on Bloomberg's site:

KDB proved it may have finally grasped what should be for Asians a cardinal investment principle: Never buy anything an American investment banker is selling.