Word: lynched
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...with ski holidays and ecotourism, not yachting or casino crawling. With salaries for researchers that start at about $90,000 and can climb well over $500,000 for those who excel, they could afford to dress with the flash of yesterday's gunslingers. Most don't. An atypical Merrill Lynch computer jock keeps a 360-hp speedboat in Westport, Connecticut. This appears to embarrass him, and he blusters, "That's not who I am, and if you don't tell me right now that you're not going to put it in the article, I'm going to have...
...European portfolio MITTS in a market-index, targeted-term security. It's an equity-link note. This one had 90% principal protection, plus equity upside in its European portfolio." The specimen is Jamie Greenwald, 30, managing director of global equity derivatives for Merrill Lynch. He reports, with satisfaction, that the Japan index "provides upside in the market in Japan in a domestic instrument, U.S. dollar-based, no currency risk, no downside risk: worst case you've got about a . . . ((pause)) . . . 2.34% yield. That was very applicable to pension funds, to insurance companies, to mutual funds...
...securities), YEELDS (yield-enhanced equity-linked securities) and CHIPS (common-linked higher-income participation securities), as well as LYONS, TIGRS and CMOs. A decade ago, if you wanted to work on Wall Street, you went to business school; but now you can study genetics and end up at Merrill Lynch, where instead of splitting genes to clone an elk, you can graft a share of Snapple (which doesn't pay a dividend) onto a dividend, thus creating the Snapple ELK -- a dividend-paying fictitious concoction that rises and falls in value along with Snapple itself...
Investors could purchase these contracts directly from such dealers as Merrill Lynch or J.P. Morgan, or the dealers could arrange for swaps between investors; either way, the dealer got a fee. Such transactions could take place anywhere. A Texas manufacturer with a $1 million fixed-rate loan who suspected that interest rates would soon fall could swap the loan with a Michigan company that had taken out a floating-rate note but was worried that rates were headed higher. The Texas firm would be the loser if rates did rise, since after the swap it would hold the floating-rate...
Goldman earned its megaprofits on just $13.2 billion in revenues, which brought a very handsome 20.14% return -- head and shoulders higher than margins for most financial institutions. Yet they are not alone in this stratosphere. Rivals J.P. Morgan and Merrill Lynch turned in comparable performances...