Bank of America acquires Merrill Lynch

so says CNBC.

$29 per. A large (70%) premium to the close of Friday. The world apparently will not end this week.

So, the south rose again, after all. Meanwhile, did John Thain tapdance on Dick Fuld's fingers, as he clawed the rocky ledge? Perhaps, more likely, when Lehman was left without a partner, the Fed leaned on Merrill to shore itself up (suggested by Rich Yamarone of Argus Research).

I say the deal legitimizes Lehman's value, unless they are underwater in toxic assets.

Let's hand it to John Thain (yes, of course, a Goldman Sachs alumnus). He's the guy that woke up the NYSE to the reality of electronic exchanges and merged them with ARCA, before it was too late.

Today he pulled off a shoring up of Merrill Lynch at a premium to market. This might just be the turning point for Wall Street. Not that the pain is over, but that the wolves are on the run.

Nice work, Mr. Thain.

If the deal gets signed, that is.