This whole debacle of greed is costing the firm billions and billions.
Shareholders are getting their equity in the company marked down accordingly.
The massive fees garnered by the packaging and securitization of mortgages has topped out. Wall Street, with their fancy models and esoteric investments are getting pillaged by the market itself. It's about time.
Risk control seems to be a difficult concept to understand when so much easy compensation depends on exotics to be packaged and sold to the willing.
If Merrill is losing billions with their own money, perhaps you should look closely and see how much they are making off of your money, Mr. and Mrs. Average American Investor. Or better yet, give me a call and we will be glad to show you how much you are paying them in all of the hidden fees.
It may be the most profitable call you will make in your life. I'm easy to find.
