Merrill Lynch Turns into a Black Hole for BofA
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Already, a number of Merrill's best-producing brokers have left to hang out their own shingles, and rival Morgan Stanley (MS) has been quietly wooing away the remaining Merrill brokers.
http://www.businessweek.com/bwdaily/dnflash/content/jan2009/db20090114_231527.htmBAC down 25% in the first hour of trading today!?! Even the most stalwart ML advisor has to be reading the writing on the freaking wall by now right? This entire deal was already going south, now it’s looking like a nightmare.
Wait till the mainstream press catches on to the story about retention bonuses. "Wealthy financial advisors being paid six-figure bonuses while parent company seeks more government assistance to avoid insolvency."
Man…I gotta go back and search my prospect database for more Merrill Lynch clients. They’ll love this.
[quote=HymanRoth]Wait till the mainstream press catches on to the story about retention bonuses. "Wealthy financial advisors being paid six-figure bonuses while parent company seeks more government assistance to avoid insolvency."
Man…I gotta go back and search my prospect database for more Merrill Lynch clients. They’ll love this.
[/quote]
Lewis and Thain’s (through in Paulson as well) handling of this borders on criminal…TARP dough paying MER Advisor’s country club and private school bills.
Where is my bailout? Where is your bailout?
It’s funny how some people think, that the BofA bailout of ML somehow solved all it’s problems. BofA only inherited those problems and I think many advisor’s are thinking what is in this for me, nothing but a a promise to sell Car Loans in 6 months - Oh, sorry you will have to refer that to your banking partner.
i just cant believe the smart guys at Bofa didnt figure out how much the cost could potentially be for mother merrill. if the top people cant figure out what companies are worth when they buy them, then how is the individual investor supposed to know. we need more transparency. its no wonder these days why investors dont believe anything, ceo’s or the talking heads say anymore. it makes me sick that all the tarp money is basically financing M&A activity instead loosing credit market and there are no ramifications for any of these idiots. it is border line manipulation and companies like bofa are basically robbing the taxpayers. the sad thing is that the governement just turns a blind eye. high level extortion and racqueteering.
Wait till the mainstream press catches on to the story about retention bonuses. “Wealthy financial advisors being paid six-figure bonuses while parent company seeks more government assistance to avoid insolvency.”
Man…I gotta go back and search my prospect database for more Merrill Lynch clients. They’ll love this.
[quote=Rugby]
[quote=HymanRoth]Wait till the mainstream press catches on to the story about retention bonuses. "Wealthy financial advisors being paid six-figure bonuses while parent company seeks more government assistance to avoid insolvency."
Man…I gotta go back and search my prospect database for more Merrill Lynch clients. They’ll love this.
[/quote]
Lewis and Thain’s (through in Paulson as well) handling of this borders on criminal…TARP dough paying MER Advisor’s country club and private school bills.
Where is my bailout? Where is your bailout?
[/quote]
I’m gonna get my bailout. It’s gonna come in the form of a flood of ACATS papers signed by pisssed off taxpayers who currently do business with BankofAMerrillica.
“Don’t worry about your old advisor Mr. Smith, he got that big honkin retention bonus that was paid with your tax dollars.”
After the first round of TARP funding, didn’t BAC substantially increase their investment in a bank in China? Nice use of govt funds.
[quote=HymanRoth]
[quote=Rugby]
[quote=HymanRoth]Wait till the mainstream press catches on to the story about retention bonuses. "Wealthy financial advisors being paid six-figure bonuses while parent company seeks more government assistance to avoid insolvency."
Man…I gotta go back and search my prospect database for more Merrill Lynch clients. They’ll love this.
[/quote]
Lewis and Thain’s (through in Paulson as well) handling of this borders on criminal…TARP dough paying MER Advisor’s country club and private school bills.
Where is my bailout? Where is your bailout?
[/quote]
I’m gonna get my bailout. It’s gonna come in the form of a flood of ACATS papers signed by pisssed off taxpayers who currently do business with BankofAMerrillica.
“Don’t worry about your old advisor Mr. Smith, he got that big honkin retention bonus that was paid with your tax dollars.”
[/quote]
They need to keep up the facade that they’re successful and know what they are doing. The top of the heap these brokers at MER are…You should consider yourself lucky to be advised by a MER/BAC broker. Might as well give your postman a couple hundred grand in TARP funds for their government backing…What we are experiencing with these financial markets/firms and the U.S. Government is to the point of utter shock and disbelief.
It is truly appalling. But people want a big, powerful government that has no bounds whatsoever in what it can do, and now they have it. What? They thought it would be used for their benefit and not the benefit of the rich and powerful? Someday, hopefully, the whole thing will burn to the ground and we'll get to start over again. Then the government can go back to controlling 1% of everything instead of 60% of everything, they way it was intended to be.What we are experiencing with these financial markets/firms and the U.S. Government is to the point of utter shock and disbelief.
I presume you all realize that BAC will be paying $400 million/yr in non-deductible pref dividends just to the govt?