Everyone has a part of their job that sucks, no matter how satisfied they are overall. When it comes to my work here at WSO, this is the part of the job that sucks. After two and half years, the most tiresome thing I have to write about is the stupid shit Wall Street firms have done to contribute to or exacerbate the 2008 crisis. If you want to know the truth, the only reason I still write about this stuff is the sense of obligation I feel to you guys to make you aware of some of the pitfalls of the business in the vain hope that at least some of you will be able to avoid them.
In this particular case, Merrill Lynch are the knuckleheads du jour. In the interest of full disclosure, I'll tell you that I've always had a personal ax to grind with Merrill, and it was a Merrill VP whom I targeted with my dumpster diving campaign in the Playboy article. Over the years, though, Merrill was one of the better managed and successful firms, and my problem with them was primarily their refusal to hire a young Eddie Braverman.
Anyway, here's the latest.