Word: lynchings
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...little more than a year after Merrill Lynch was officially swallowed by Bank of America, many of the executives of the once storied Wall Street firm - which used the animal that is synonymous with rising stock markets as its mascot - have landed in leadership positions around the financial world...
...Lehman wasn't alone. Merrill Lynch lost nearly $20 billion on investments in collateralized debt obligations (CDOs). Morgan Stanley had a nearly $4 billion loss in proprietary trading in the fourth quarter of 2007. Goldman Sachs spent $3 billion to bail out one of its hedge funds. And Citigroup has poured more than $3 billion into fixing its problems with structured investment vehicles, investments the bank set up with its own capital. Like Merrill, Citi lost big - as much as $15 billion, on the CDOs it decided to hold rather than sell off. In fact, nearly every large financial firm...
...people are saying that proprietary trading didn't cause the financial crisis. So why focus on that? Proprietary investing certainly played a big role in the financial crisis. Bear Stearns, Merrill Lynch, Lehman Brothers, UBS and Citigroup all had large amounts of mortgage bonds or real estate investments that they had parked on or off their balance sheets - but were responsible for. They were chasing the same higher yields that all their investing clients were. Those investments comprised the greatest part of those firms' write-offs. Those weren't client-driven trades. They decided to take them themselves. The idea...
Later in his career, Joffe advised directors of Fannie Mae and represented independent directors of Merrill Lynch before the financial firm was acquired by Bank of America in January 2009. Joffe also advised the board of General Motors amidst talks of bankruptcy, according to Bloomberg News...
...strike two. And finally, there was the whole having-a-baby-with-another-blonder-woman-while-your-wife-is-getting-chemo thing. This was a union that took some hard knocks. But it seemed to be pulling through. Like an old gunslinger down on ammo but fending off the lynch mob, the marriage had people rooting for its survival...