Bloomberg Businessweek — 9 March – 15 March 2015

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  • BankofAmerica MerrillLynch is the marketing name for the global banking and global markets businesses of BankofAmerica Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of BankofAmerica Corporation, including BankofAmerica, N.A., member FDIC. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of BankofAmerica Corporation (Investment Banking Affiliates), including, in the United States, MerrillLynch, Pierce, Fenner & Smith Incorporated and MerrillLynch Professional Clearing Corp., both of which are registered broker-dealers and members

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  • The power of global connectionsTM

    of SIPC, and, in other jurisdictions, by locally registered entities. MerrillLynch, Pierce, Fenner & Smith Incorporated and MerrillLynch Professional Clearing Corp. are registered as futures commission merchants with the CFTC and are members of the NFA. Investment products offered by Investment Banking Affiliates: Are Not FDIC Insured May Lose Value Are Not Bank Guaranteed. THE POWER OF GLOBAL CONNECTIONS is a trademark of BankofAmerica Corporation, registered in the U.S. Patent and Trademark Office. '2015 BankofAmerica Corporation 01-15-8163

    Helping you build business success on a strong foundation

    of community spirit, expert analyses, sound advice and trust.

    Thats the power of a local connection, with you year by year,

    wherever you want to grow.

    baml.com/yourcorner

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    IIn the depths of the Great Depression, Standard Oil of California offered the king of Saudi Arabia an upfront payment of $250,000 plus 10 cents per barrel in royalties for exploration rights to a newly GLVFRYHUHGRLOHOG7KHFRPSDQ\VEXVL-ness was hobbled by deeply depressed crude prices, but it possessed consider-DEOHFDSLWDODQGDORQJWHUPYLHZ)XUWKHUinvestment to develop the Saudi resources was put off for years, yet over time the UHWXUQVZRXOGSURYHHQRUPRXV

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    David Gould