Word: lynching
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Dates: during 2000-2009
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...Experts have pointed to a $30.6 billion deal between Merrill Lynch and the Lone Star group of private-equity funds as a model for the new government plan. Lone Star purchased that amount of Merrill Lynch's portfolio of asset-backed securities, and Merrill Lynch reduced Lone Star's risk by financing three-quarters of the purchase. Therefore, Lone Star had limited risk, which is similar to the way funds would have limited risk buying bad securities with government backing. But the most important part of the deal was not Lone Star's risk; it was the price. Lone Star...
...brash indifference to its fury. It seems that the mighty have been hit with some virulent strain of arrogance common to those told that they were Too Big to Fail. First the auto executives swooped into town in their Gulfstream IVs to ask for $25 billion; then Merrill Lynch superman John Thain spent $1,405 on a trash can and suggested he deserved a $40 million bonus for losing $15 billion in the fourth quarter. Even Tom Daschle, whose loyal Senate brethren were set to confirm him to the Cabinet, discovered the radioactivity of the phrase "unpaid taxes...
...financial industry’s titans yields nothing but front-page scandals—from Bernard Madoff, the mysterious asset manager “extraordinaire” who was revealed to be the mastermind behind a wealth-draining Ponzi scheme, to John Thain, the former Merrill Lynch CEO who spent a reported $1.2 million redecorating his office suite (complete with a $35,000 commode) at the expense of the U.S. taxpayer while his company posted incredible losses...
...greed,” but, prior to the recent economic meltdown, such greed was never an issue for the public. Bernard Madoff’s investors did not care if their money fueled a Ponzi scheme as long as they received their regular returns. Shareholders of Merrill Lynch were unbothered as the company’s managers liberally applied corporate funds to beautify their offices, as long as they were paid their quarterly dividends...
...Citigroup (C). Some of Citi's most prominent members have left, probably not entirely of their own volition. The board at B of A has been savagely attacked over the last several weeks because it did not insist on better due diligence in the buyout of Merrill Lynch and for allowing large bonuses to be paid to employees after the firm had taken TARP money...