CEO of Merrill Lynch Forced to resign

News posted by members of this site. If you want to publish your own article or have something of value for the front page please indicate it as such.
Before posting make sure it hasn't already been posted. Write a concise and pertinent intro if you are going to post here.

Moderator: Site Admin

Forum rules
Check for duplicates before posting, otherwise post it in the original thread. If you want to post an article of your own or find it significant for the front page please let us know. Rangers Lead the Way
Post Reply
User avatar
rakkasan_187
Tadpole
Posts: 31
Joined: January 21st, 2009, 8:39 pm

CEO of Merrill Lynch Forced to resign

Post by rakkasan_187 »

Tax dollars gone to hell. The Government should have included the clause on where the money was going to begin with.

http://www.msnbc.msn.com/id/28793175/" onclick="window.open(this.href);return false;
OIF 2003, 05-06, 07-08.
A Co. Sappers 3STB 3BDE Rakkasan
101st Airborne Division AASLT
"NE DESIT VIRTUS"

" I didn't train you guys to be pussies. I trained you to kill the motherfucker when he points a weapon at you" COL. Steele, Former Rakkasan Brigade Commander.
User avatar
rakkasan_187
Tadpole
Posts: 31
Joined: January 21st, 2009, 8:39 pm

Re: CEO of Merrill Lynch Forced to resign

Post by rakkasan_187 »

TC204 wrote:One of my IRA's is with this company, it's funny how we trust these people with our money.

Good luck on it not dissappearing. After my first wife died, I invest over 20k in stocks and IRA, less than 6 months later I pulled out when I noticed how bad the market was plumitting.
OIF 2003, 05-06, 07-08.
A Co. Sappers 3STB 3BDE Rakkasan
101st Airborne Division AASLT
"NE DESIT VIRTUS"

" I didn't train you guys to be pussies. I trained you to kill the motherfucker when he points a weapon at you" COL. Steele, Former Rakkasan Brigade Commander.
User avatar
kohlerdrums
Embryo
Posts: 20
Joined: April 28th, 2008, 5:49 pm

Re: CEO of Merrill Lynch Forced to resign

Post by kohlerdrums »

TC204 wrote:One of my IRA's is with this company, it's funny how we trust these people with our money.
In the interest of disclosure, I'm a broker. It's a shame that people in power and leadership positions abuse the public's trust. I would imagine you could find examples in the military world as well as the private sector.Your trust is with the individual that is hopefully helping you and your family with your investments. He or she is many times far removed from what happens at the top of the organization. For the most part, most of the professionals out there are serving their clients with integrity and professionalism. They are on the "front lines", so to speak, and have to deal with the consequences of "bad management", just as you do.
Airborne Grad Dad

"I never gave anyone hell. I just told them the truth and they thought it was hell."
-President Harry Truman-
User avatar
LRS Guy
Ranger
Posts: 122
Joined: April 29th, 2006, 10:16 am

Re: CEO of Merrill Lynch Forced to resign

Post by LRS Guy »

I used to work at Merrill, throw a couple of points that you won't read in the media.

1st. I think it was a terrible waste of money, which displays very poor business sense. But it was done before the bailout, so it was Merrill Lynch money being used.

2nd. If we allow the govt to dictate how a company spends its money, its a "slippery-slope" to where the govt dictates to all business and or private citizens spend their money.

3rd. The shareholders (that would be me & many others) should be furious, as we own that company and its our money he was spending. At the same time conducting business poorly...hence he is being fired. I would like to string his ass up on a tall tree with short rope.

4th. If leadership wasting money is the issue....shouldn't all of America's citizens be pissed at how much money was spent at Pres. Obama's innaguration. $100 million as I recall, that would fix a few roads I bet. People in glass houses, should not throw rocks.

5th. Since our govt wants to interject money into the economy, the ML CEO did everyone a favor. He spent money, a decorater made money, a general contractor made money, salesmen made money, etc.

6th. There is always a element of "class warfare" in many of these stories. I think its an attempt to demonize capitalism. Ie."look at the evil CEO, he has more money and look at how they waste it". Granted there are way too many CEOs who aren't worth a damm, but its up to the market to judge their success. If the company is successful, NO ONE qustions a CEO's salary or perks. If the company fails, then the CEO should suffer accordingly. The problem is the media and many in govt want to be the judge & all powerful business czar (for lack of better word) instead of letting the market do its thing. If a company cannot make a profit it deserves to fail.

FYI, I was totally against the govt bailing out any bank, car company or any other business as well!
RS 1-92
1-504 PIR 89-90
3-504 PIR 90-92
H. Co 121 INF (LRSC) 97-00
134th INF (LRSD)01-02
Back to living the LRS Life in the 143rd LRSD!

Confirmed "Cynical, Sarcastic, Bastard"
User avatar
LRS Guy
Ranger
Posts: 122
Joined: April 29th, 2006, 10:16 am

Re: CEO of Merrill Lynch Forced to resign

Post by LRS Guy »

This just in!

FYI, the firm that handled the makeover of the Merrill Lynch CEO's office.....got the contract to re-decorate Pres Obama's White House.


BIG WOW!
RS 1-92
1-504 PIR 89-90
3-504 PIR 90-92
H. Co 121 INF (LRSC) 97-00
134th INF (LRSD)01-02
Back to living the LRS Life in the 143rd LRSD!

Confirmed "Cynical, Sarcastic, Bastard"
User avatar
kohlerdrums
Embryo
Posts: 20
Joined: April 28th, 2008, 5:49 pm

Re: CEO of Merrill Lynch Forced to resign

Post by kohlerdrums »

LRS Guy wrote:I used to work at Merrill, throw a couple of points that you won't read in the media.

6th. There is always a element of "class warfare" in many of these stories. I think its an attempt to demonize capitalism. Ie."look at the evil CEO, he has more money and look at how they waste it". Granted there are way too many CEOs who aren't worth a damm, but its up to the market to judge their success. If the company is successful, NO ONE qustions a CEO's salary or perks. If the company fails, then the CEO should suffer accordingly. The problem is the media and many in govt want to be the judge & all powerful business czar (for lack of better word) instead of letting the market do its thing. If a company cannot make a profit it deserves to fail.

FYI, I was totally against the govt bailing out any bank, car company or any other business as well!
Rangers, thank you for your service.

I agree with your great point, but I would add one caveat to your remarks. I have always admired the examples set by guys like Warren Buffet, who pays himself a buck each year, and Ross Perot, the billionaire who used to drive a beat up old Plymouth to work each day. They became wealthy by owning their company's stock, and showing restraint with shareholder money when it came to personal uses.
Airborne Grad Dad

"I never gave anyone hell. I just told them the truth and they thought it was hell."
-President Harry Truman-
User avatar
LRS Guy
Ranger
Posts: 122
Joined: April 29th, 2006, 10:16 am

Re: CEO of Merrill Lynch Forced to resign

Post by LRS Guy »

That very good point! If you get a chance read the "Millionaire Next Door" there are many, many millionaires in the USA. Most are people who worked for many years, saving or building up their business. The majority of these people don't show off their wealth, they go about their business doing what they have to do.

My favorite millionaire drives a 1 Ton Chevy pickup, wears bib overalls, drinks Lite beer and lets me deer hunt with him. My dad used to tell me when they were growing up, that gentalman's family couldn't afford shoes for him in the summer. But he built up a business and raised his family, so I'm proud to know him.
RS 1-92
1-504 PIR 89-90
3-504 PIR 90-92
H. Co 121 INF (LRSC) 97-00
134th INF (LRSD)01-02
Back to living the LRS Life in the 143rd LRSD!

Confirmed "Cynical, Sarcastic, Bastard"
User avatar
rgrokelley
Triple Canopy
Posts: 2860
Joined: February 5th, 2008, 5:57 pm

Re: CEO of Merrill Lynch Forced to resign

Post by rgrokelley »

As for stimulus packages, I let history answer this one:
We have tried spending money. We are spending more than we have ever spent before and it does not work. I say after eight years of this Administration we have just as much unemployment as when we started. ... And an enormous debt to boot!
This was from Henry Morgenthau, President Roosevelt's Secretary of the Treasury. When Roosevelt came in he spent money like a drunken congressman, trying to make the economy work again. It extended the Depression for 10 years and created the worst economy in our nation's history.

Folks who don't know history like to say that Roosevelt got us out of the Depression. Wrong. WWII slowed the Depression down to a recession. This happened because a quarter of the work force left their jobs to go fight a war. This left us with 100% employment for the folks who stayed back. The recession came back in full when all those men came home. The damage caused by Roosevelt did not truly end until the 1980s, when the last of the recession aftershocks finally quit under Reagan's administration.
A & C Company, 3rd Ranger Battalion 1984-1986
2/325, 82nd Airborne 1979-1984
F Company, 51st LRSU 1986-1988
5th Special Forces Group 1989-1995
3rd Special Forces Group 1997-1999
RS - DHG 5-85
Post Reply

Return to “The News Dump”