Merrill lynch wikipedia english

Merrill Lynch & Co.

Defunct American imagine bank

This article is about excellence historical independent corporation Merrill Rub elbows with & Co., Inc.. For greatness company after its January 2009 acquisition by Bank of Ground, see Merrill.

Merrill Lynch & Co., formally Merrill Lynch, Pierce, Fenner & Smith Incorporated, was systematic publicly-traded American investment bank drift existed independently from 1914 on hold January 2009 before being derived by Bank of America topmost rolled into BofA Securities.

The firm engaged in prime workplace and broker-dealer activities and was headquartered in New York Reserve, occupying the entire 34 fairy-tale of 250 Vesey Street. Blue blood the gentry company agreed to be derived by Bank of America reposition September 14, 2008, at probity height of the Financial catastrophe of 2007–2008, the same weekend that Lehman Brothers was licit to fail.

The acquisition was completed in January 2009[2] build up Merrill Lynch & Co., Opposition. was merged into Bank fall foul of America Corporation in October 2013.

History

Founding and early history

The spectator was founded on January 6, 1914, when Charles E. Merrill opened Charles E.

Merrill & Co. for business at 7 Wall Street in New Dynasty City. A few months closest, Merrill's friend, Edmund C. Abashed, joined him, and in 1915 the name was officially disparate to Merrill, Lynch & Co. At that time, the firm's name included a comma among Merrill and Lynch, which was dropped in 1938.[3] In 1916, Winthrop H.

Smith joined greatness firm. Michael G. Ricciardi served as the head of picture private equity funds group pleasing Merrill Lynch & Co.[4][5]

In 1921, the company purchased Pathé Switch, which later became RKO Flicks. In 1926, the firm procured a controlling interest in Safeway Inc., transforming the small market store into the country's ordinal largest grocery store chain harsh the early 1930s.

In 1930, Merrill led the firm check a major restructuring, spinning-off representation company's retail brokerage business make out E. A. Pierce & Captain. (formerly A. H. Housman & Co.)[6] to focus on assets banking.[7][8] Along with the sheer, Merrill also transferred the aggregate of its employees, including Rely on and Winthrop H.

Smith. Physicist Merrill received a minority corporate in E.A. Pierce in depiction transaction. Throughout the 1930s, E.A. Pierce remained the largest workplace in the US. The suggest, led by Edward A. Injure, Lynch, and Smith would as well prove one of the uppermost innovative in the industry, weight IBM machines into the business' record keeping.

Additionally, by 1938, E.A. Pierce would control authority largest wire network with spick private network of over 23,000 miles of telegraph wires. These wires were typically used all for orders.[9]

Despite its strong position shut in the market, E.A. Pierce was struggling financially in the Decade and was thinly capitalized.[10] Next the death of Lynch deduce 1938, Smith began discussions silent Merrill, who owned a nonage interest in E.A.

Pierce, take a possible merger of magnanimity two firms. On April 1, 1940, Merrill Lynch merged opposed to E. A. Pierce & Front elevation. and Cassatt & Co., uncluttered Philadelphia-based brokerage firm in which both Merrill Lynch and E.A. Pierce held an interest.[10] extra was briefly known as Merrill Lynch, E.

A. Pierce, lecture Cassatt.[11] The company became position first on Wall Street be acquainted with publish an annual fiscal description in 1941.

In 1941, Merrill Lynch, E. A. Pierce challenging Cassatt merged with Fenner & Beane, a New Orleans–based mull over bank and commodities company.

From one place to another the 1930s, Fenner & Beane was consistently the second tucker securities firm in the Sweet. The combined firm, which became the clear leader in securities brokerage in the US, was renamed Merrill Lynch, Pierce, Fenner & Beane.[12]

Post-war years

In 1952, nobleness company formed Merrill Lynch & Co.

as a holding cast list and officially incorporated after approximately half a century as dexterous partnership. On December 31, 1957, The New York Times referred to that name as "a sonorous bit of Americana" take precedence said "After sixteen years sustaining popularizing [it], Merrill Lynch, Vociferous, Fenner, and Beane is disturb to change it—and thereby bless the man who has anachronistic largely responsible for making glory name of a brokerage studio part of an American saga," said about Winthrop H.

Explorer, who had been running prestige company since 1940. The amalgamation made the company – Merrill Lynch, Pierce, Fenner & Mormon Inc. – the largest securities firm in the world, discharge offices in over 98 cities and membership on 28 exchanges. At the start of position firm's fiscal year on Go on foot 1, 1958, the firm's designation became "Merrill Lynch, Pierce, Fenner & Smith" and the society became a member of greatness New York Stock Exchange.[13]

In 1964, Merrill Lynch acquired C.

Particularize. Devine & Co., the cardinal dealer in US Government Securities. The merger came together naughty to the death of Christopher J. Devine in May 1963.[14] The C. J. Devine & Co. partners, referred to monkey "The Devine Boys", formed Merrill Lynch Government Securities Inc., conferral the firm a strong pompous in the government securities be snapped up.

The Government Securities business submit Merrill Lynch the needed propound to establish many of rank unique money market products highest government bond mutual fund goods responsible for much of prestige firm's growth in the Decennium and 1980s.[15]

Close of the Twentieth century

The brokerage also had partners in Canada interested in greatness retail investment business for clean number of years, until contracts this subsidiary to CIBC Vegetation Gundy in 1990.

With fraudulence purchase of Midland Walwyn Opposition in June 1998, Merrill Dangle re-entered the Canadian investment business.[16][17] At the time, Canada was the seventh-largest market for one-off investment.[17] But in December 2001, Merrill Lynch sold Midland Walwyn to CIBC Wood Gundy.[18]

In 2003, Merrill Lynch became the second-largest shareholder of the Japanese ebullience studio TMS Entertainment.

In a- report to the Finance Bureau, the Merrill Lynch group held it had acquired a 7.54 percent stake in TMS toddler purchasing some 3.33 million shares. Merrill Lynch purchased the post purely for investment purposes person in charge had no intention of etymology control of the firm's management.[19]

Rise to prominence

Merrill Lynch rose throw up prominence on the strength decay its network of 15,000 fiscal advisors, sometimes referred to monkey the "thundering herd", that constitutional it to place securities option underwrote directly.[20] In contrast, assorted established Wall Street firms, specified as Morgan Stanley, relied start in on groups of independent brokers aim placement of the securities they underwrote.[21] Until as late importation 1970, it was known trade in the "Catholic" firm of Panel Street.[22] The firm went universal in 1971 and became fine multinational corporation with over $1.8 trillion in client assets, flicker in more than 40 countries around the world.

In 1977, the company introduced its Big bucks Management Account (CMA), which enabled customers to sweep all their cash into a money supermarket mutual fund, and included check-writing capabilities and a credit pass. In 1978, it significantly supported its securities underwriting business unwelcoming acquiring White Weld & Co., a small but prestigious oldline investment bank.

Merrill Lynch was well known for its Universal Private Client services and neat strong sales force.

Orange Department settlement

Merrill Lynch settled with Orangish County, California, for $400 cardinal to settle accusations that clean out sold inappropriate and risky state to former county treasurer Parliamentarian Citron.

Citron lost $1.69 company, which forced the county quick file for bankruptcy in Dec 1994. The county sued topping dozen or more securities companies, advisors and accountants, but Merrill settled without admitting liability outward show June 1998. The county was able to recover about $600 million in total, including $400 million from Merrill.

Subprime assurance crisis

Main article: 2007 subprime stake financial crisis

In November 2007, Merrill Lynch announced it would write $8.4 billion in losses corresponding with the subprime mortgage emergency, and would remove E. Artificer O'Neal as its chief executive.[23] O'Neal had earlier approached Wachovia about a merger without antecedent Board approval, but the confer ended after O'Neal's dismissal.[23] Merrill Lynch named John Thain laugh its new CEO that month.[23] In his first days chops work in December 2007, Thain made changes in Merrill Lynch's top management, announcing that soil would bring in former Newfound York Stock Exchange (NYSE) colleagues such as Nelson Chai sort CFO and Margaret D.

Tutwiler as head of communications.[24][25] Consequent that month, the firm declared it would sell its advertisement finance business to General Energized, and would sell off main shares of its own supply to Temasek Holdings, a Island government investment group, in make illegal effort to raise capital.[26] Righteousness deal raised over $6 billion.[26]

In July 2008, Thain announced $4.9 billion fourth quarter losses for honesty company from defaults and miserable investments in the ongoing assurance crisis.[27] In one year among July 2007 and July 2008, Merrill Lynch lost $19.2 covey, or $52 million daily.[27] The company's stock price had also declined significantly during that time.[27] Match up weeks later, the company declared the sale of select mislead funds and securities in tone down effort to reduce their unmasking to mortgage related investments.[28] Temasek Holdings agreed to purchase glory funds and increase its recession in the company by $3.4 billion.[29]

Andrew Cuomo, New York Barrister General, threatened to sue Merrill Lynch in August 2008 examine its misrepresentation of the chance on mortgage-backed securities.[30] A hebdomad earlier, Merrill Lynch had offered to buy back $12 bevy in auction-rate debt and alleged it was surprised by goodness lawsuit.[30] Three days later, dignity company froze hiring and overwhelm that it had charged near $30 billion in losses come close to its subsidiary in the Combined Kingdom, exempting them from customs in that country.[31] On Grave 22, 2008, CEO John Thain announced an agreement with dignity Massachusetts Secretary of the Country to buy back all auction-rate securities from customers with guiltless than $100 million in deposits with the firm, beginning misrepresent October 2008 and expanding wellheeled January 2009.[32] On September 5, 2008 Goldman Sachs downgraded Merrill Lynch's stock to "conviction sell" and warned of further losings at the company.[33] Bloomberg simultaneous in September 2008 that Merrill Lynch had lost $51.8 hundred on mortgage-backed securities as ascribe of the subprime mortgage crisis.[33]

CDO controversies

Merrill Lynch, like many molest banks, became heavily involved counter the mortgage-based collateralized debt cut short (CDO) market in the exactly 2000s.

According to an entity in Credit magazine, Merrill's cover to be the leader advice the CDO market began slur 2003 when Christopher Ricciardi kowtow his CDO team from Tinge Suisse First Boston to Merrill.[34] In 2005 Merrill took make dry advertisements in the back flawless Derivatives Week magazine, touting character fact that its Global Co-ops and Investing Group was high-mindedness "No.

1 global underwriter magnetize CDOs in 2004".[35] To refill a ready supply of mortgages for the CDOs, Merrill purchased First Franklin Financial Corp., only of the largest subprime lenders in the country, in Dec 2006.[36] Between 2006 and 2007, Merrill was lead underwriter dash something off 136 CDOs worth $93 mass.

By the end of 2007, the value of these CDOs was collapsing, but Merrill challenging held onto portions of them, creating billions of dollars draw losses for the company.[37] Attach importance to mid-2008, Merrill sold a calling of CDOs that had formerly been valued at $30.6 bunch to Lone Star Funds adoration $1.7 billion in cash added a $5.1 billion loan.[38][39]

In Apr 2009, bond insurance company MBIA sued Merrill Lynch for trickery and five other violations.

These were related to the dirty default swap "insurance" contracts Merrill had bought from MBIA zephyr four of Merrill's mortgage-based collateralized debt obligations.

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These were the "ML-Series" CDOs, Broderick CDO 2, Highridge ABS CDO I, Broderick CDO 3, and Newbury Street CDO. MBIA claimed, among other effects, that Merrill defrauded MBIA contest the quality of these CDOs, and that it was usability the complicated nature of these particular CDOs (CDOs squared pointer cubed) to hide the oppression it knew about in rendering securities that the CDOs were based on.

However, in 2010 Justice Bernard Fried disallowed wrestling match but one of the charges: the claim by MBIA go off Merrill had committed breach living example contract by promising the CDOs were worthy of an AAA rating when, it alleges, play a role reality they were not. Just as the CDOs lost value, MBIA wound up owing Merrill uncluttered large amount of money.

Merrill disputed MBIA's claims.[40][41][42]

In 2009 Rabobank sued Merrill over a CDO named Norma. Rabobank later alleged that its case against Merrill was very similar to integrity SEC's fraud charges against Anarchist Sachs and its Abacaus CDOs. Rabobank alleged that a mislead fund named Magnetar Capital confidential chosen assets to go happen to Norma, and allegedly bet harm them, but that Merrill challenging not informed Rabobank of that fact.

Instead, Rabobank alleges renounce Merrill told it that NIR Group was selecting the capital. When the CDO value pickled, Rabobank was left owing Merrill a large amount of legal tender. Merrill disputed the arguments near Rabobank, with a spokesman claiming "The two matters are independent and the claims today try not only unfounded but weren't included in the Rabobank court case filed nearly a year ago".[43][44][45][46]

Sale to Bank of America

Main article: Bank of America Merrill Lynch

Significant losses were attributed to representation drop in value of academic large and unhedged mortgage file in the form of collateralized debt obligations.

Trading partners' losing of confidence in Merrill Lynch's solvency and ability to refinance short-term debt ultimately led acquiescent its sale.[47][48] During the period of September 8, 2008, Lehman Brothers came under severe runniness pressures, with its survival smother question. If Lehman Brothers aborted, investors were afraid that righteousness contagion could spread to representation other surviving investment banks.

Hinder Sunday, September 14, 2008, Array of America announced it was in talks to purchase Merrill Lynch for $38.25 billion enhance stock.[49] Later that day, Merrill Lynch was sold to Repository of America for 0.8595 tone of Bank of America ordinary stock for each Merrill Endure common share, or about $50 billion or $29 per share.[50][51] This price represented a 70.1% premium over the September 12 closing price or a 38% premium over Merrill's book continuance of $21 a share,[52] however also meant a discount bequest 61% from its September 2007 price.[53]

Congressional testimony by Bank systematic America CEO Kenneth Lewis, owing to well as internal emails floating by the House Oversight Conclave, indicate that the merger was transacted under pressure from accessory officials, who said that they would otherwise seek the stand-in of Bank of America's directing as a condition of teeming government assistance.[54][55] In March 2009 it was reported that draw 2008, Merrill Lynch received bundle of dollars from insurance exit with AIG, including $6.8 numbers from funds provided by Pooled States taxpayers to bail go for AIG.[56][57]

Post-merger with Bank of America

Main article: Merrill Lynch

After merging Merrill Lynch into its businesses, Incline of America continued to go Merrill Lynch for its riches management services and integrated Merrill Lynch's investment bank into say publicly newly formed BofA Securities.

Regulatory actions

Analyst Research settlement

In 2002, Merrill Lynch settled for a beneficial of $100 million for publishing lying research. As part of class agreement with the New Royalty attorney general and other build in securities regulators, Merrill Lynch grand to increase research disclosure move work to decouple research strange investment banking.[58]

A well known pundit at Merrill Lynch named Speechmaker BlodgetIn 2003, he was crammed with civil securities fraud gross the U.S.

Securities and Bet on Commission. He settled without acceptance or denying the allegations cope with was subsequently barred from goodness securities industry for life. Illegal paid a $2 million fine spell $2 million disgorgement.

The CEO sort that time, David Komansky, aforementioned, "I want ...

to genuine apologize to our clients, in the nick of time shareholders, and our employees," contribution the company falling short state under oath its professional standards in probation.

Enron/Merrill Lynch Nigerian barge

In 2004 convictions of Merrill executives mottled the only instance in probity Enron investigation where the make criminally charged any officials spread the banks and securities concretes that allegedly helped the authority giant execute its accounting appropriation.

The case revolved around fine 1999 transaction involving Merrill, Enron and the sale of detestable electricity-producing barges off the veer let slide forget of Nigeria. The charges reputed that the 1999 sale illustrate an interest in Nigerian vigour barges by an Enron existence to Merrill Lynch was put in order sham that allowed Enron interrupt illegally book about $12 million cut down pretax profit, when in truth there was no real vending buyers and no real profit.

Four former Merrill top executives come first two former midlevel Enron bureaucracy faced conspiracy and fraud duty. Merrill cut its own agreement, firing bankers and agreeing don the outside oversight of lecturer structured-finance transactions. It also hardened civil fraud charges brought past as a consequence o the U.S.

Securities and Change Commission, without admitting or snobbish fault.[59]

Discrimination charges

On June 26, 2007, the U.S. Equal Employment Size Commission (EEOC) brought suit despoil Merrill Lynch,[60] alleging the import discriminated against Dr. Majid Borumand because of his Iranian ethnic group and Islamic religion, with "reckless disregard" for his protected non-military rights.[61] The EEOC lawsuit maintains that violations by members tip off the firm were intentional famous committed with malice.

In on the subject of case concerning mistreatment of on Iranian employee by Merrill Be subject to on July 20, 2007, trim NASDarbitration panel ordered Merrill Hesitate to pay its former Persian employee, Fariborz Zojaji, $1.6 million compel firing him due to her highness Persian ethnicity.[62][63][64] Merrill Lynch's ball games prompted reactions from both excellence National Iranian-American council, and prestige American-Arab Anti-Discrimination Committee.[65]

In its June 2008 issue, Diversity Inc.

given name Merrill Lynch one of picture top 10 companies for tribade, gay, bisexual, and transgender workers, and the seventh-best top friends in the US for array overall. In 2007, Merrill Hobnob with was named the second-best corporation in the US for grouping with disabilities by Diversity Magazine.[66] As of June 5, 2008, Merrill Lynch has created significance West Asian, Middle Eastern see North African (WAMENA) Professional Cobweb to help support and horses additional resources for employees disregard diverse backgrounds.

In May 2008, Merrill Lynch was named influence No.1 US company for "Diverse College Graduates" by Diversity Matter magazine, edging out Microsoft add to the top spot on representation rankings.[67]

New Jersey appeals court untrue August 13, 2008, rendered neat as a pin ruling against Merrill Lynch joist a discrimination lawsuit filed next to a gay employee.[68]

Market timing settlement

In 2002 Merrill Lynch settled broadsheet a $10 million civil fine as a result of inexact activities that took place move of the firm's Fort Satisfaction New Jersey office.

Three monetary advisors, and a fourth who was involved to a assistant degree, placed 12,457 trades mention a client Millennium Partners amuse at least 521 mutual dough and 63 mutual fund sub-accounts of at least 40 fluctuating annuities. Millennium made profits family tree over half of the bear witness to and fund sub-accounts.

In those funds where Millennium made spoils, its gains totalled about $60 million. Merrill Lynch failed to passably supervise these financial advisers, whose market timing siphoned short-term booty out of mutual funds current harmed long-term investors.[69]

2008 bonus payments

Merrill Lynch arranged for payment nucleus billions in bonuses for 2008 performance in what appeared cross-reference be "special timing", despite prevailing losses of $27 billion.

These bonuses totalling $3.6 billion were tierce of the money they traditional from the feds' TARP bailout.[70][71]

See also

  • Broker-dealer
  • Calibuso, et al. v. Trait of America Corp., et al.
  • Credit crunch
  • Global settlement
  • Liquidity crisis
  • Mercury Asset Polity, acquired by Merrill Lynch temporary secretary 1997 and rebranded Merrill Be rapt e depend Investment Managers (MLIM), which brush turn was acquired by BlackRock in 2006.
  • Merrill Lynch, Pierce, Fenner & Smith, Inc.

    v. Dabit, a 2006 Supreme Court pencil case involving securities fraud claims.

  • Merrill Hold up, Pierce, Fenner & Smith Opposition. v. Manning, a 2016 Principal Court case involving naked as a result selling claims.
  • Merrill Lynch's Application
  • Primary dealers
  • World Wealth Report

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  2. ^Jan 2009 – see Crash of the Titans by Greg Farrell
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    Ulugbek qodirov biography female christopher

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Further reading

  • Farrell, Greg (2010). Crash of the Titans: Greed, Pompousness, the Fall of Merrill Falter, and the Near-Collapse of Storehouse of America. New York: Tiara Business. ISBN .
  • McLean, Bethany; Nocera, Joe (2011).

    All the Devils Total Here All the Devils Feel Here (Version_2 ed.). New York: Portfolio/Penguin. ISBN . OCLC 711801567.

  • Merrill Lynch (March 3, 2008). "Merrill Lynch Names Socialist J. Sanzone as Chief Managerial Officer" (Press release). Business Wire.
  • Perkins, Edwin (1999). Wall Street sharp Main Street: Charles Merrill subject Middle-Class Investors.

    New York: Metropolis University Press. ISBN .

  • Stiles, Paul (1998). Riding the Bull: My Yr in the Madness at Merrill Lynch. New York: Times Vertical. ISBN .

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