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Crash of the Titans: Greed, Hubris, the Fall of Merrill by Greg Farrell

By Greg Farrell

The intimate, fly-on-the wall story of the decline and fall of an the USA icon
 
With one amazing exception, the companies that make up what we all know as Wall road have consistently been a part of an inbred, insular tradition that the majority humans merely vaguely comprehend. The exception was once Merrill Lynch, a company that revolutionized the inventory marketplace through bringing Wall road to major highway, developing places of work in far-flung towns and cities lengthy missed by means of the giants of finance. With its “thundering herd” of monetary advisers, maybe no different enterprise, even if in monetary companies or somewhere else, so epitomized the yankee spirit. Merrill Lynch used to be not just “bullish on America,” it used to be an enormous it is because such a lot of normal american citizens have been in a position to develop prosperous by way of making an investment within the inventory market. 

Merrill Lynch was once an icon. Its surprising decline, cave in, and sale to financial institution of the US used to be a surprise. How did it take place? Why did it occur? And what does this tale of greed, hubris, and incompetence let us know concerning the tradition of Wall highway that keeps to this present day although it got here on the subject of destroying the yankee financial system? A tradition within which the CEO of a company wasting $28 billion pushes tough to be paid a $25 million bonus. A tradition during which Merrill Lynch executives are assured bonuses of $30 million and $40 million for 4 months’ paintings, even whereas the company is suffering to lessen its losses via firing millions of employees.

Based on remarkable assets at either Merrill Lynch and financial institution of the United States, Greg Farrell’s Crash of the Titans is a Shakespearean saga of 3 mistaken masters of the universe. E. Stanley O’Neal, whose inspiring upward thrust from the segregated South to the nook place of work of Merrill Lynch—where he engineered a profitable turnaround—was undone through his trust smooth-talking salesman may perhaps deal with the most tricky jobs on Wall highway. simply because he loved O’Neal’s aid, this govt used to be allowed to accumulate an surprising $30 billion place in CDOs at the firm’s stability sheet, at a time while all different Wall highway corporations have been desperately attempting to go out the company. After O’Neal comes John Thain, the cerebral, MIT-educated technocrat whose rescue of the recent York inventory alternate earned him the nickname “Super Thain.” He was once employed to save lots of Merrill Lynch in overdue 2007, yet his trust that the markets could rebound led him to underestimate the intensity of Merrill’s difficulties. ultimately, we meet financial institution of the United States CEO Ken Lewis, a highway fighter raised slightly above the poverty line in rural Georgia, whose “my means or the highway” administration sort suffers fools extra simply than capability competitors, and who made a $50 billion dedication over a September weekend to shop for a company he particularly didn’t comprehend, hence jeopardizing his personal institution. 

The merger itself seems to be a strange mix of cultures that mix like oil and water, the place slick Wall road bankers unexpectedly locate themselves reporting to a solid of characters directly out of the Beverly Hillbillies. BofA’s inbred tradition, which perceived long island banks its enemies, used to be in line with loyalty and a good-ol’-boy community during which competence performed moment mess around to blind obedience.

Crash of the Titans
is a monetary mystery that places you within the theater because the old occasions of the monetary trouble spread and folks answerable for billion of greenbacks of different people’s funds gamble recklessly to reinforce their energy and their paychecks or to save lots of their very own skins. Its wealth of never-before-revealed info and concentrate on icons of company the US make it the ebook that places jointly the whole lot of the Wall highway disaster.

From the Hardcover edition.

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Extra resources for Crash of the Titans: Greed, Hubris, the Fall of Merrill Lynch, and the Near-Collapse of Bank of America

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Item 8 Most franchisors place restrictions on the type of products and services a franchise outlet can purchase or acquire to outfit a unit, stock it, and operate it. Because a franchise is a part of a uniform 47 48 how to buy a franchise system, this is to be expected—you don’t expect to see bar signs offering your favorite beer at Burger King. Item 8 discloses, in a general fashion, the restrictions placed on you as a franchisee in a uniform system. If there are restrictions on certain aspects of the operation, such as purchasing food products, equipment, electronics, services, fixtures, supplies, and advertising materials from the franchisor or its approved suppliers or only in accord with the franchisor’s specifications, you should find them in Item 8— Restrictions on the Sources of Product and Services.

If you encounter a franchise system that has a patented product at its core, it may be wise to consult with a patent attorney in addition to the other professional assistance you may require.

CONTENTS Now that you are ready to read the Offering Circular, you should review some of the basic elements. As you look over the Table of Contents, you will see a number of important items that should attract your attention. The labels themselves should draw your attention. A typical Table of Contents found in a Uniform Franchise Offering Circular is as follows. ) Item 1 Item 1 addresses the background of the franchise company. Although Chapter 9 is devoted exclusively to this topic, here is where you can begin to evaluate the stability of the franchisor and one of the most important attributes to review.

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