January 15, 2008 |
Current and former chief executives of three major U.S. financial institutions hit by sub-prime mortgage fallout were asked Monday by a congressional committee to testify at a hearing next month on their pay and severance packages. A House panel invited Countrywide Financial Corp. CEO Angelo Mozilo, former Citigroup Inc. chief Charles Prince and Stanley O'Neal, former head of Merrill Lynch & Co., to appear Feb. 7.
December 25, 2007 |
Merrill Lynch & Co., hit by huge sub-prime mortgage losses, said Monday it would boost its capital by selling as much as $6.2 billion of common stock -- at a discount -- to a Singaporean state-owned fund and to a U.S. investment management firm. Singapore's Temasek Holdings agreed to buy $4.4 billion in Merrill stock with an option for $600 million more by March 28. Davis Selected Advisors agreed to buy $1.2 billion of stock.
CALIFORNIA | LOCAL
December 14, 2007 |
Merrill Lynch & Co., the brokerage giant blamed for triggering Orange County's $1.6-billion bankruptcy in 1994, was the single largest dealer of complex debt securities to the county within the last two years that are now at risk of a credit rating downgrade, a Times review of county investment holdings has found.
November 17, 2007 |
Merrill Lynch & Co. said it would pay incoming Chief Executive John Thain an annual salary of $750,000 plus a bonus this year of $15 million. Thain, who is giving up his post running the New York Stock Exchange, will also receive options for 1.8 million Merrill shares along with 500,000 restricted stock units, the brokerage said in a regulatory filing.
November 15, 2007 |
Merrill Lynch & Co., which ousted its chief executive last month after huge mortgage-related losses, on Wednesday named John Thain, the head of the New York Stock Exchange's parent company, as its new CEO. Thain, 52, is a Wall Street veteran with extensive experience in trading and technology, including a stint running the mortgage business at Goldman Sachs Group Inc. in the 1980s. He is expected to overhaul Merrill's fixed-income division, which was responsible for the $7.
November 8, 2007 |
Embattled investment bank Merrill Lynch & Co. said Wednesday that federal regulators were investigating matters related to its holdings of high-risk mortgage debt. The Securities and Exchange Commission began the investigation Oct. 24, the world's largest brokerage firm said in a regulatory filing. It did not provide details but said it was cooperating with the inquiry.
November 6, 2007 |
Merrill Lynch & Co Inc. has offered BlackRock Inc. Chief Executive Laurence Fink the post of CEO of the brokerage, CNBC reported Monday. Merrill has given Fink two weeks to decide whether to accept the offer, CNBC said. A Merrill Lynch spokeswoman declined to comment. Merrill last week ousted Stan O'Neal as CEO amid mounting losses on mortgage-related securities. The company's loan write-downs resulted in a $2.2-billion loss in the third quarter, the biggest in the brokerage's 93-year history.
November 2, 2007 |
U.S. regulators are probing whether Merrill Lynch & Co. adequately informed investors about losses from sub-prime mortgages before announcing a larger-than-expected $8.4-billion write-down last week, said a person with knowledge of the matter.
October 31, 2007 |
Merrill Lynch & Co. has lost billions of dollars in the sub-prime mortgage crisis, but the company's deposed chief executive is walking away with more than $160 million. Capping a boardroom drama that began last week, Stan O'Neal stepped down as Merrill's chairman and chief executive Tuesday, becoming the first head of a major investment bank to be ousted because of mortgage-related losses. O'Neal's departure follows Merrill's disclosure last week of a $7.
October 29, 2007 |
The beleaguered head of Merrill Lynch & Co. has reportedly decided to step down and leave the firm, becoming the first chief of a Wall Street investment bank to be done in by the sub-prime mortgage crisis. Stan O'Neal, who endured withering criticism last week because of Merrill's enormous losses on mortgage-related securities, will quit his post as soon as today, according to a report on the Wall Street Journal's website.