I’m not picking on ML, by selecting this article, but I thought it had some interesting points I was previously unaware of. Snippets are below with the link:

"Practically everybody on Wall Street was raising capital at the end of 2007, but Mr. Thain did it with particular flair. When a Singapore government entity ponied up billions of dollars, at $48 a share, it did so with protection against dilution. If Merrill had to sell stock at a lower price within a year, Singapore would get a refund of the extra money it had paid.

Merrill’s stock sale this week raised $8.5 billion. The price was $22.50 a share, less than half Singapore’s original price. Singapore is plowing its refund back into Merrill, but at a big cost in dilution to the firm’s other shareholders. Mr. Thain would not talk to me for this column, but it is clear that he has a lot of crow to eat."