of America. Effect of McColl's merger strategy on financial crisis of 2007–2008 During the financial crisis of 2007-2008, after McColl's retirement, Bank of America was dubbed "too big to fail" and received $45 billion in federal government funds. In a 2012 article for Rolling Stone titled Bank of America: Too Crooked to Fail, author Matt Taibbi attributed factors at Bank of America leading up to the financial crisis of 2007–2008 directly to McColl's creation of a coast to coast bank, saying the "concept of an overmassive, acquiring-everything-in-sight, bicoastal megabank was hatched" in a "terminal inferiority complex" and described McColl (along with Ed Crutchfield of then First Union) as having launched "a cartoonish arms race of bank acquisitions that would ultimately turn the American business world upside down." Later work After handing off day-to-day bank operations in 1999 and fully retiring from Bank of America in 2001, McColl partnered with other Charlotte banking executives to form McColl Partners, an investment banking firm which advises mid-sized companies on mergers and acquisitions with offices in Charlotte and Dallas, co-founded Falfurrias Capital Partners in 2006, a Charlotte-based private equity firm, founded McColl Garella (2002–2006) an investment banking company serving firms owned by women, opened Charlotte-based McColl Fine Art in 2003, and partnered to create New York-based MME Fine Art in 2005. McColl is chairman of MBL Advisors Holdings, LLC (McColl Brother Lockwood), a Charlotte-based company with his son-in-law, Luther Lockwood, as managing principal and providing wealth transfer planning, business succession and executive benefits services to business owners and public company executives. In 2009, McColl Partners joined an international network of investment banks called Clairfield Partners, which collaborates on international deals. McColl has served on the board of directors of Sykes Enterprises Inc., Canal Industries; Atrium Health, formerly Carolinas HealthCare System; Charlotte Center City Partners; Charlotte Latin School from 1977–1982, Cousins Properties, Inc.; Faison Associates; Foundation for the Carolinas; General Parts, Inc.; NuTech Solutions Inc.; Harris Teeter; and Sonoco Products Company. Philanthropy, civic involvement McColl has supported a broad range of academic, civic and arts causes for Charlotte, the state of North Carolina and the Southeast — strongly encouraging Charlotte's urban redevelopment (enabled by Bank of America's revitalization of Fourth Ward and building of Gateway Village in Third Ward), playing a key role in Charlotte's attracting the Carolina Panthers National Football League and the Charlotte Hornets National Basketball Association franchises, supporting Habitat for Humanity, chairing