Monday, October 29, 2007

Merrill lynch CEO's missteps

--He didn't much engage in debate, kept his own counsel and had little use for the kind of strong-willed subordinates who might have helped him steer clear of the subprime troubles that brought him down. --purged his rivals and allies after gaining power --unilateral decision to ask Wachovia to buy Merrill --roll his eys at the mention of Mr. McCann --give even close allies a cold shoulder --outster in July 2006 of three seasoned bond executives led by Jeffrey Kronthal --stuck with 32.1 bil of CDOs and 8.8 bil of subprime mortgage securities

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