For anyone who teaches M&A material in their classes, this is a great article just written by Jonathan Weil. Bank of American paid a lot for Countrywide. There was a massive amount of goodwill in that transaction. However, while everything else is in the dumps, the goodwill still lingers in an untouched state. Wow, this is a great one for class.

http://www.bloomberg.com/news/2010-11-04/bank-of-america-edges-closer-to-tipping-point-commentary-by-jonathan-weil.html