Hi Folks,

Listening to Fresh Air on National Public Radio, I heard a great segment that went over Gretchen Morgenson’s piece earlier this week in the New York Times on the fall of Merrill Lynch, The Reckoning: How the Thundering Herd Faltered and Fell. You can listen to the 38 minute piece here.

Overall it is one of the best reviews, and explanation in plain English, of how the banking sector fell on its face. The simple answer to how the decline of the banking sector occurred: Greed.

Basically folks didn’t want the party to end, and kept finding new inventive ways of making more and more money. Now that the party has certainly come to an end, the tax payers are left holding the $700 Billion dollar bag. The Merrill Lynch senior executives of course, shared the spoils of $200 Million for their last year of efforts to plow the giant under.
Best,

Miel

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