Word: lynching
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Dates: during 2000-2009
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...Wary sovereign wealth funds from Arab countries aren't likely to rush in to buy the assets of Western financial companies just yet, according to Sfakianakis. Some have already been burned, like the Kuwait Investment Authority, which bought Merrill Lynch shares worth billions earlier this year only to see the stock plummet in recent months. So for now, Arab investors are likely to refocus on infrastructure projects in their own countries that create real value and services for their economies, which are bound to keep growing even in the midst of a Western financial crisis...
...still have one; and with the same name. Merrill Lynch has nearly 17,000 financial advisors between its retail brokerage and wealth management units. That's part of what attracted Bank of America - B of A CEO Ken Lewis called it "the crown jewel of Merrill Lynch" - so chances are, your broker isn't going anywhere, and he or she will try to make sure that you don't either. B of A plans to keep the Merrill name and organization intact...
...more than $100,000 in deposits at a single bank, well, congratulations. But you probably want to spread it around. Sometimes people wind up over the FDIC limit simply because banks merge. Bank of America, to take a prime example, started its acquisition binge long before Countrywide and Merrill Lynch. Inertia prevents plenty of people from opening up new accounts elsewhere. Now might be a good time to do that...
With each writeoff, outfits such as Merrill Lynch tried to tell us that the crisis was over when in fact each writeoff was exacerbating the situation. If they were writing down the value of their subprime related investments and raising capital, then didn't everyone have to do the same? And once that happened, the market for this stuff would get even thinner, requiring a spiral of writedowns. It has become a field day for short sellers, who are picking off the undercapitalized financial outfits...
...clearly, the financial sector in the U.S. is facing a huge crisis. When you have two big companies like Bear Stearns and Lehman vanish, and Merrill Lynch being absorbed, that tells you a lot about the difficulties being faced by the financial sector...