In 2006 Countrywide Financial financed 20% of mortgages in the US--loan volume equal to 3.5% of GDP. Two years later, early in the financial crisis of 2008-09, Bank of America swooped in and bought them the stock had dropped over 75% from its 2007 levels for over $4B in stock. Leading up to the deal close, they paid a few banks millions of dollars to advise them on the proposal. What was Countrywide worth? Prior to such an acquisition, investment banks look at peer group market comparisons, rec ...