In September 2008, as Lehman Brothers struggled to survive, John Thain, CEO of Merrill Lynch, realized that his bank was also on the brink of failure. Throughout the weekend of September 13-14, 2008, Thain successfully negotiated a deal with Ken Lewis, CEO of Bank of America, for BofA to acquire Merrill. However, throughout the fourth quarter of 2008, Merrill's financial condition deteriorated at an alarming rate, with expected 4Q08 losses ballooning from $5.3 billion in November to over $12 billion by mid-December. Shareholders of both companies approved the deal on December 5th, 2008, but soon after, Lewis telephoned fed officials and declared he would invoke the MAC clause to exit the deal unless fed officials provided government financial assistance. Fed officials instructed Lewis to "stand down" and not to invoke the MAC clause. As he convened his Board on December 22nd, 2008, Lewis had to make a decision. Should he close the deal "for the good of the country?" Or should he declare a MAC and exit the deal, potentially invoking the wrath of the U.S. government. Was there another way?

In the 2006 election cycle, Dan Silver was challenging a popular 26-year incumbent for the U.S. congressional seat in Florida's 19th Congressional District. To win the election, Silver needed to find a way to relate to his voters on a personal level. Silver's campaign manager advised him to work with consulting firm KNP Communications. Over the course of a few sessions, Silver worked with the KNP team to learn techniques that would help him project warmth and authenticity. On election night, Silver wondered if KNP's training had allowed him to successfully connect with his voters, and more importantly, if this personal connection mattered more to voters than his competence and skills. Some information in this case has been disguised.