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Merrill CEO O'Neal Rumored To Have Angered Board With Merger Talk

New York Times   |  JENNY ANDERSON, LANDON THOMAS, Jr.   |   October 26, 2007 07:28 AM

Read More: E. Stanley O'Neal, Mergers, Merrill Lynch, Suprime Mortgage Crisis, Wachovia, Breaking Business News
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Facing billions of dollars in losses from the subprime mortgage crisis, Merrill Lynch chairman and chief executive, E. Stanley O'Neal, floated the idea of a merger with a large bank, a foray that angered Merrill's board and could cost him his job, according to people close to the beleaguered Wall Street firm.

Mr. O'Neal broached the possibility of a merger with Wachovia, the bank based in Charlotte, N.C., without first getting the approval of Merrill's board, a major breach of corporate protocol at a time when directors were already concerned about the company's performance, these people said.

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- BlueLogic I'm a Fan of BlueLogic 8 fans permalink
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Wow. They're ready to throw the black man under the bus at the drop of a pin. How shocking..­.

    Favorite    Flag as abusive Posted 01:29 PM on 10/26/2007
- workingboy I'm a Fan of workingboy 2 fans permalink

after the Great Depression, it was concluded that banks and Wall Street should be kept separate. in recent years, these firewalls have been torn down. the fact that Wachovia would even consider talking to Merrill Lynch is alarming. O'Neal should be canned as should the Chairman/CEO of Wachovia. as Barrr would say: it takes two to tango.

it's interesting how no participant runs from admitting his/her/its role in this mess.

    Favorite    Flag as abusive Posted 01:01 PM on 10/26/2007
- sword I'm a Fan of sword permalink

Last time the lenders were bailed out. Lo, it is happening again. Let's try the "free market" this time. Or bailing out borrowers. It has been shown again and again that this lender bailout thing does not work.

    Favorite    Flag as abusive Posted 08:44 AM on 10/26/2007
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