March 7, 2009 |
Merrill Lynch & Co. said it is examining some irregularities in London trading accounts and has informed regulators, but believes the risk of possible losses is "under control." The company disclosed it was investigating trading after the New York Times reported that a London-based foreign exchange trader lost more than $120 million while others may have lost hundreds of millions more on derivatives trading.
January 28, 2009 |
New York's attorney general issued subpoenas Tuesday to former Merrill Lynch & Co. Chief Executive John Thain and Bank of America Corp.'s chief administrative officer, J. Steele Alphin, amid an investigation into bonuses that Merrill paid executives just before it was sold to Bank of America. Thain, 53, was serving as head of the newly combined company's wealth management division before he resigned last week.
January 27, 2009 |
Former Merrill Lynch & Co. Chief Executive John Thain on Monday defended the acquisition of the brokerage by Bank of America Corp., saying the bank knew of the company's losses and payment of bonuses before the purchase closed. Thain also said he planned to reimburse Bank of America for a $1.2-million renovation of his office a year ago, saying in an interview with CNBC that "it is clear to me in today's world that it was a mistake." "I apologize for spending that money . . . .
January 5, 2009 |
After nearly running out of money in its small-business loan funds last month, Valley Economic Development Center Inc. of Van Nuys says it is getting $16 million to enable it to continue to lend to Southern California firms caught in the stubborn credit crunch. Most of the money -- $15 million -- is coming from the city of Los Angeles. Last week, Merrill Lynch & Co. said it would supply the group with $1 million.
August 20, 2008 |
Dumping troubled assets for pennies on the dollar may not be the way to bolster a sliding stock price, after all. Shares of Merrill Lynch & Co. slumped Tuesday to their lowest closing price in nearly 10 years as investors continued to fret about how much the soft economy and a still-steep overhang of bad debt could weigh on the brokerage giant. The stock slid 92 cents, or 3.7%, to $23.82, falling below its previous multiyear closing low of $24.33 set July 28 -- just before Merrill announced plans to unload mortgage assets once valued at $30.6 billion for $6.7 billion, or 22 cents on the dollar.
July 30, 2008 |
Will a fire sale at Merrill Lynch & Co. force similar moves by other investment banks? That was the big question Tuesday on Wall Street after Merrill's surprise decision to dump a huge chunk of troubled mortgage bonds for pennies on the dollar. Merrill Chief Executive John Thain said late Monday that the brokerage would sell so-called collateralized debt obligations once valued at $30.6 billion for 22 cents on the dollar.