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NEWS ABOUT: Merrill Lynch

NY AG May Claw Back $4B Merrill Bonuses

Cuomo expands probe into Merrill's handling of pre-takeover handouts

(Newser) - New York Attorney General Andrew Cuomo is considering action ordering the return of $4 billion in early bonuses Merrill Lynch handed out to staff just before its bailout-backed takeover by Bank of America, an insider tells Bloomberg. Cuomo has widened his probe into the bonuses and aims to find out... More »

Ousted Thain Subpoenaed on Early Merrill Bonuses

NY attorney general also calls BoA exec in probe of banks and TARP funds

(Newser) - New York’s attorney general issued a subpoena today to force John Thain to testify about his acceleration of bonus payments for Merrill Lynch employees last month, the Financial Times reports. A subpoena was also issued to a Bank of America executive thought to have consulted with Thain—then Merrill’... More »

Ousted Thain to Repay $1.2M Spent on Office

Lush renovation was a 'mistake,' says ex-Merrill CEO

(Newser) - Former Merrill Lynch CEO John Thain says he’ll repay the $1.2 million he spent on office renovations last year, Bloomberg reports. “The expenses were incurred over a year ago in a very different environment,” Thain wrote in a memo to Merrill execs. “They were a... More »

Wary of Image, Financial A-Listers Ditch Glitzy Davos

Top bankers, Obama advisers to skip Swiss summit

(Newser) - The swanky Davos economic summit was once a top destination for financial and economic power players, but many are skipping the glitz this year for fear of sending the wrong message in a tanking economic climate, Reuters reports. Treasury secretary-designate Timothy Geithner is sitting out the resort event, as are... More »

Thain Debacle Stings BofA Chief

(Newser) - John Thain may have lost his job running Merrill Lynch, but woe to the CEO who dared merge with him, the Economist reports. Thain no doubt trashed his reputation by failing to tell BofA chief Ken Lewis about looming losses—and handing out multimillion-dollar bonuses in the meantime—but Lewis,... More »

Commode for 35K? Ousted CEO Thain Had Lavish Taste

Details emerge on $1.2M office work

(Newser) - Recently-axed Merrill Lynch CEO John Thain may have steered his company to a $15.4 billion fourth-quarter loss, but he did so from a really nice office. Details are emerging about Thain's $1.2 million redecoration, Bloomberg reports. Among the purchases noted by CNBC: $87,000 for area rugs, $68,... More »

Thain to Leave BofA After Record Losses

(Newser) - Former Merrill Lynch CEO John Thain, who became a top exec at Bank of America when the firms merged last year, will resign from his position, CNBC reports. The move comes a week after Bank of America posted its first quarterly loss in 17 years, widely attributed to poor information... More »

Madoff Scandal Turns Up Heat on Financial Advisers

Loophole lets Madoff types profit from bad advice, they say

(Newser) - Wall Street advisers and brokers are tussling over the details of a looming regulatory overhaul as Washington takes steps to prevent another Bernard Madoff scandal, Bloomberg reports. Advisers want brokers who counsel clients to be subject to the same oversight they’re under; currently, their brokerage counterparts can profit by... More »

BofA Takes Another $20B Bailout on $10B Merrill Loss

Crippled by unforeseen losses and falling stock price, B of A puts its hand out. Again.

(Newser) - Bank of America, sucker-punched by unforeseen losses from its takeover of Merrill Lynch, received another injection of $20 billion from the Treasury, the Wall Street Journal reports, bringing the total cost of BofA’s bailout to $45 billion. BofA’s shares shed 40% of their value in the past seven... More »

Banks Drive Stocks Down Early

Investors see bad news everywhere in new data

(Newser) - Stocks dropped at the open today as a surprisingly good JPMorgan quarter struggled to offset other negative economic news, the Wall Street Journal reports. The Dow was off 108, despite Morgan's 4% surge, as Bank of America plummeted 15% after reports it would need more aid to close the Merrill... More »

Feds to Give BoA Billions More for Merrill Deal

(Newser) - The feds will have to pony up billions of dollars more to help Bank of America close its deal to purchase Merrill Lynch, the Wall Street Journal reports. BoA already has received $25 billion, but Merrill's massive fourth-quarter losses have thrown a wrench in the acquisition. Henry Paulson is a... More »

BofA Boss Reluctantly Bags Bonuses

Bridling at political pressure, Lewis nixes cash for top execs

(Newser) - Despite being rankled by political pressure to forgo bonuses for himself and other top Bank of America execs, CEO Kenneth Lewis has asked the board to withhold bonuses for 2008, reports the Wall Street Journal. The company saw its stock fall 66% in 2008 and 3rd-quarter profits plunge 68%, and... More »

BoA, Wells Fargo Wrap Up Takeovers

Tough road ahead for merged financial institutions

(Newser) - Bank of America and Wells Fargo completed their respective takeovers of Merrill Lynch and Wachovia this week, expected developments that close the books on a year of unprecedented change in the banking industry, Reuters reports. The acquisition of Merrill makes BoA the largest US bank by assets, with $2.7... More »

Just How Bad Was 2008?

The worst anyone under 70 has seen, Bloomberg reports

(Newser) - If you're under the age of 70, 2008 was probably the worst year you've lived through, reports Bloomberg. Here's why:
  • In housing, which started the downturn, median resale prices saw a 13% decline, the largest since the 1930s.
  • Foreclosure rates reached 2.97%, and mortgage delinquency hit 6.99%, both
... More »

Bailed-Out Bank Execs Made $1.6B Last Year

Execs made average of $2.6 million; Merrill Lynch CEO made $83 million

(AP) - Banks that are getting taxpayer bailouts awarded their top executives nearly $1.6 billion in salaries, bonuses, and other benefits last year, an AP analysis reveals. Benefits at bailed-out institutions like Goldman Sachs, Merrill Lynch, and JPMorgan Chase included cash bonuses, stock options, personal use of company jets and chauffeurs,... More »

Profits Were Fake, Bonuses All Too Real

How risky schemes left bankers flush, banks broke

(Newser) - Dow Kim was one of the leading bond traders at Merrill Lynch, and in 2006 he bundled together $500 million in loans into a huge CDO with the charming name Costa Bella. Since the subprime collapse, Costa Bella has cost Merrill millions—but Kim had already cashed out, awarded a... More »

BofA Will Lay Off 35K

Recession, takeover of Merrill to blame for latest employee dump

(Newser) - Bank of America said today it will cut between 30,000 and 35,000 jobs in the next 3 years, the AP reports; the move is spurred by the continuing economic downturn and the bank’s recent purchase of Merrill Lynch. Cuts will be broad and will affect both the... More »

Morgan Stanley to Withhold Bonuses Until Bets Pay Off

Wall Street showing bonus season restraint

(Newser) - Attempting to curb criticism after taking billions in government bailout cash, Morgan Stanley has attached a “claw-back” provision to employee bonuses this year that allows the bank to withhold payouts if employees don’t manage risk properly. The Wall Street behemoth will hold onto a portion of employees’ bonuses... More »

Merrill CEO Backs Off $10M Bonus Request

Wall Street climate pressures Thain to forgo year-end check

(Newser) - Under a wave of criticism, Merrill Lynch CEO John Thain today gave up asking for a $5-to-$10 million bonus, the Wall Street Journal reports. New York Attorney General Andrew Cuomo called the request "nothing less than shocking" during an "abysmal year" in which Merrill lost $11 billion. Thain... More »

Merrill Boss Seeks $10M Bonus

Directors unlikely to comply given public sentiment

(Newser) - Merrill Lynch narrowly escaped extinction this fall, and CEO John Thain is seeking an end-of-year bonus of as much as $10 million for keeping the company alive, reports the Wall Street Journal. Merrill's board of directors—acutely aware of public scrutiny—appear unlikely to fork over that kind of package... More »

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