the subprime monstrosity First Franklin, which Merrill bought at an inflated price in the waning days of O'Neal's reign. "If you have a buyer for First Franklin at the price we paid for it," Thain says, as the audience begins to break into laughter, "please come see me afterward. " He grins, slouching a bit, his hands in his pockets. His audience knows what that means: The O'Neal era is over. His image in the media is that of a cerebral, humorless numbers man: He fired Puma Velvet Creepers Review the stock exchange's barber, for heaven's sake.
market sensitive brokerage network the largest anywhere its mix of businesses ranges from proprietary trading to hedge funds and includes private bankers, asset management, and a sizable investment banking division. Although most sectors were trimmed to the bone under O'Neal and produce reliable profits, all are humbled, demoralized, and overshadowed by the firm's troubles.
But a top company official intimately familiar with subprime issues points to a fundamental blunder in the way th.
Yet following decades of stagnation capped by Dick Grasso and the scandal over Grasso's nine figure paycheck, Thain was just the thing to end the melodrama, revive the exchange's public image, and shepherd it into the era of electronic trading and global markets. Yet Merrill's problems were much more complex, thanks to a multilayered bureaucracy that contains every problem facing large banks in Lower Manhattan. In addition to its massive, Puma Rihanna Creepers Black
The investment bankers, for instance, had a strong year, but their division lumped in with fixed income (including subprime) recorded a pretax loss of $16. 3 billion in 2007. By the time Puma Velvet Red
Thain arrived, the subprime debacle had pushed Merrill so far toward the brink of calamity that O'Neal was exploring a sale to Wachovia a move he pursued, it is said, without board knowledge, which helped nudge him out the door. Top executives at Merrill, keenly aware of the multitude of Puma Fenty Rihanna Grey
subprime lawsuits, naturally cringe at the idea of providing a chapter and verse recitation of Merrill's misdeeds.