On a day that the S&P is down, oh, 3-4%, BAC is down over 20%. Is it because investors fear that the bank is going bankrupt? No. Is it because investors are scared to death that Ken Lewis is going to make one deal too many (or, perhaps, two or three too many)? Oh, yeah. Over $30 billion - that's billion - of market cap has been washed away in a single day. Why? Because of the risks inherent in a MER acquisition. Sure, the retail arm fits nicely onto the BAC platform, offering a robust retail solution to customers across the wealth spectrum. The Blackrock investment is a nice piece of paper that has readily ascertainable value. But MER bankers simply plugging into the BAC franchise? I don't think so. And what about the risks of integration as well as the mark-to-market risks on residual exposure to toxic sub-prime assets? I'm actually surprised that BAC's share price didn't fall further, although much of the MER acquisition consideration has been chopped of BAC's market cap today. Long story short, the market has spoken. The BAC/MER deal is a disaster for BAC shareholders. Ken Lewis, are you listening?