culture, politics, commentary, criticism

Monday, March 26, 2007
Why Merrill Lynch sucks. Even if it doesn't bother you that Merrill Lynch is essentially an
unindicted co-conspirator in the Enron mess, sooner or later you will have to sit up and take notice that the world's biggest wealth manager is up to its eyeballs in lending subprime mortgages to delinquent borrowers.

These same subprime mortgages are predicted to take down the markets. ("Subprime will bring down mortgage lending, housing and, in turn, the economy and the market," says Sy Jacobs, Founder and Investment Manager, Jacobs Asset Management, in Barron's.)

And when Merrill Lynch's contribution to the coming Subprime Mortgage Crisis becomes this year's version of yet another Republican-engineered financial crisis (cf. Enron California energy crisis, Poppy's and Neil's S&L crisis, the near-privatization of Social Security, consecutive record federal deficits of Bush 41 and 43, etc.), guess who stands to benefit?

Why, Merrill Lynch's CEO Stanley O'Neal, that's who. This Bush Pioneer stands to personally reap $241 million from his carefully engineered failure, while another government bailout program will have to be devised to counterbalance his brilliant management.

UPDATE: John Aravosis of AMERICABlog is missing the bigger picture when he asks, "Why should I feel bad that you gambled on a mortgage and lost?" The bailout will benefit not the borrowers who were both insanely optimistic and relatively clueless, but the lenders who knew exactly what they were doing all along. For the borrowers, subprime was a gamble. For the lenders, it was a windfall to be followed by a government bailout. For Stanley O'Neal, it's a quarter-billion-dollar bonus.

Greatest Hits · Alternatives to First Command Financial Planning · First Command, last resort, Part 3 · Part 2 · Part 1 · Stealing $50K from a widow: Wells Real Estate · Leo Wells, REITs and divine wealth · Sex-crazed Red State teenagers · What I hate: a manifesto · Spawn of Darleen Druyun · All-American high school sex party · Why is Ken Lay smiling? · Poppy's Enron birthday party · The Saudi money laundry and the president's uncle · The sentence of Enron's John Forney · The holiness of Neil Bush's marriage · The Silence of Cheney: a poem · South Park Christians · Capitalist against Bush: Warren Buffett · Fastow childen vs. Enron children · Give your prescription money to your old boss · Neil Bush, hard-working matchmaker · Republicans against fetuses and pregnant women · Emboldened Ken Lay · Faith-based jails · Please die for me so I can skip your funeral · A brief illustrated history of the Republican Party · Nancy Victory · Soldiers become accountants · Beware the Merrill Lynch mob · Darleen Druyun's $5.7 billion surprise · First responder funding · Hoovering the country · First Command fifty percent load · Ken Lay and the Atkins diet · Halliburton WMD · Leave no CEO behind · August in Crawford · Elaine Pagels · Profitable slave labor at Halliburton · Tom Hanks + Mujahideen · Sharon & Neilsie Bush · One weekend a month, or eternity · Is the US pumping Iraqi oil to Kuwait? · Cheney's war · Seth Glickenhaus: Capitalist against Bush · Martha's blow job · Mark Belnick: Tyco Catholic nut · Cheney's deferred Halliburton compensation · Jeb sucks sugar cane · Poindexter & LifeLog · American Family Association panic · Riley Bechtel and the crony economy · The Book of Sharon (Bush) · The Art of Enron · Plunder convention · Waiting in Kuwait: Jay Garner · What's an Army private worth? · Barbara Bodine, Queen of Baghdad · Sneaky bastards at Halliburton · Golf course and barbecue military strategy · Enron at large · Recent astroturf · Cracker Chic 2 · No business like war business · Big Brother · Martha Stewart vs. Thomas White · Roger Kimball, disappointed Republican poetry fan · Cheney, Lay, Afghanistan · Terry Lynn Barton, crimes of burning · Feasting at the Cheney trough · Who would Jesus indict? · Return of the Carlyle Group · Duct tape is for little people · GOP and bad medicine · Sears Tower vs Mt Rushmore · Scared Christians · Crooked playing field · John O'Neill: The man who knew · Back to the top

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