ARTICLE: “Bank of America Invests $2 Billion in Countrywide,” by James R. Hagerty, Valerie Bauerlein and Lingling Wei, Wall Street Journal, 23 August 2007, p. A1.

Such infusions of capital in faltering companies aren’t made out of humanitarian concern for the targets involved. The major players typically greet such flame-outs in market sectors with a certain greedy glee: now a chance to expand in a new direction at bargain prices. Survivors are most prized (you want damaged goods at cheap prices, but not too damaged). For those of us watching this unfold, I say, be grateful the market is doing something to clean up its own.