or financial crisis) in 2008, Bank of America acquired Merrill Lynch. The shareholders claim that the bank’s executives including former chief operating officer Kenneth Lewis failed to disclose a loss of $15.31 billion after the acquisition of Merrill Lynch. Shareholders believed that the loss was hidden to ensure they did not vote against the transaction. The bank disclosed the loss to the public after the acquisition of Merrill Lynch was completed. It stated in the article that the bank and its
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Case Analysis – Innovation and Collaboration at Merrill Lynch David A. Davis The changed environment of Wall Street threatened the independent, silo culture that dominated the investment research trade. Brokerage houses needed to identify opportunities to create value-added products. Despite industry reforms, lower trading volume, and declining commission rates, “research continued to provide brokerage firms’ key competitive advantage, according to Institutional Investor.” (Harvard Business
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to Edward Jones’ success when the company first started; however, it is also the catalyst for the issues of the firm that were present in 2006. Edward Jones’ three main issues were the cannibalization of its business by bigger firms such as Merrill Lynch, customers leaving Edward Jones to manage their own money via online platforms such as E-Trade (MITR, 2014), and the lack of ability to manage high net worth funds that are typically present with institutional funds such as
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rolling in money to the market when it truly was failing as a company. 2) Enron’s bankers, auditors, and attorneys contributed to the demise of Enron. Companies like Merrill Lynch (brokers and bankers), Vinson & Elkins (law firm), and Arthur Anderson (auditing) allowed the misrepresentation of data. When Merrill Lynch allowed the sale of Nigerian barges, it became a collective issue with the two companies. And with Arthur Anderson, they allowed the misrepresentation of data by Enron to make
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Can You Say What Your Strategy Is? by David J. Collis and Michael G. Rukstad CAN YOU SUMMARIZE YOUR COMPANY’S STRATEGY in 35 words or less? If so, would your colleagues put it the same way? It is our experience that very few executives can honestly answer these simple questions in the affirmative. And the companies that those executives work for are often the most successful in their industry. One is Edward Jones, a St. Louis–based brokerage firm with which one of us has been involved for more than
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culture is developed. A prime example is Merrill Lynch. Merrill is a well know investment company that manages the portfolio of investors. It suggested to its client to buy Info Space though, internally, analyst knew the stock had tanked in price. They were never upfront about selling the stock. Their ethical violations caused shockwaves in the investment community forcing other to ensure measures were in place to prevent a disaster. Merrill Lynch had developed a culture of deceit and mistrust amongst
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Deciphering Mulholland Drive Mulholland Drive is a twisted and exhilarating movie directed by David Lynch. The movies tells the story of a Canadian women, Diane Selwyn, who moves to Los Angeles to pursue a career in acting. For the most of the movie, we are thrown into a dream Diane has. In this dream many of the characters and people in her actual life are integrated into her dream with new identities. The last part of the movie we are brought back to Diane’s actual reality. Only once I was
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INTRODUCTION About Merrill Lynch: The wealth management division of Bank of America is currently known as Merrill Lynch. It comprises of 15,000 financial advisors and $2.2 trillion in client assets; it is the world's largest brokerage. Earlier the firm was publicly owned and traded on the New York Stock Exchange under the ticker symbol MER. In Brief: In this particular case study we find that Merrill Lynch has introduced a new client relationship technique called the Supernova at the Merrill Lynch’s
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Bailout Money Awarded to Major Bank Executives Their Impacts on Utilitarianism and Deontology Price TUI University Abstract This paper explores two published articles that report on banks receiving billions of taxpayers’ dollars awarded from the government known as the Trouble Asset Relief Program (TARP), who in turn paid their top executives billions of dollars for bonuses. TARP is a program to assist in the stability and strengthen its financial sector by paying for bad mortgages and
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Shoe- Horn Sonata written by John Misto is a powerful play that seeks to commemorate the endurance and heroic struggles of Australian women in the Japanese war camps during World War II. Blue Velvet a 1986 American film written and directed by David Lynch, which explores the darker underbelly of 50’s suburban life in America. Through each composer’s use of a combination of dramatic techniques, characterization and setting, our perception of the world is challenged and broadened through the artists employment
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