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Merrill Lynch
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Merrill Lynch has been raising capital after losing billions of dollars on bad bets in the mortgage market. Rising delinquencies and defaults among mortgages have forced banks to write down the value of bonds and debt backed by the troubled loans. That, in turn, has put their levels of spare capital under pressure.
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Merrill Lynch, Pierce, Fenner & Smith Incorporated is a registered broker-dealer, not a bank, and the WCMA account is not a bank account. Banking services are provided by licensed banks or by third parties through arrangements with licensed banks. Unless otherwise indicated, investment products are not FDIC-insured, not guaranteed by a bank and may lose value.
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Although some representatives of the Merrill Lynch respondents were suspicious of the manipulators' purported need for taking delivery, employees of Merrill Lynch entities approved two methods of financing the manipulators' warrant-taking operation. In mid-October 1995, when the manipulators began to take delivery of LME warrants in the "B" account, Merrill (B&D) and Merrill International entered into what came to be known as "buy-sell back" financing trades. In these trades, "B" account positions coming to prompt, on which the manipulators intended to take delivery, were purchased by Merrill (B&D) and simultaneously sold back to the "B" account in a position prompting on the following day. The "B" account paid Merrill (B&D) a price differential on these spread trades of $.70 per metric ton, which reflected the cost of carry per day for copper, during the fourth quarter of 1995. Merrill (B&D) paid the London Clearing House for the warrants, and, therefore, Merrill (B&D) actually owned the warrants until they reverted back to the "B" account the next day on the sale leg of the spread trade. The manipulators at times exercised control over virtually all LME warehouse stocks through the over one-half billion dollars in financing provided by the Merrill Lynch respondents.
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After his well-received conference call and an appearance on CNBC, Merrill Lynch chief executive John Thain spoke to employees about the firm's future. His confident and well-informed remarks about the CDO market were peppered with wise-cracks that left the crowd of employees laughing out loud, according to a source present at the talk. The mood on the floor is said to be much almost cheerful. It's a great vote of confidence for the new CEO from a group that was wary of being lead outsider said to be sometimes robotic.
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The corporate logo for Merrill Lynch is shown at an office, in this July 17, 2007 file photo in New York. Investment bank Merrill Lynch & Co. said Friday, Oct. 5, 2007 credit and mortgage woes will lead to it post a third-quarter loss, as it takes almost $5 billion in writedowns in the wake of a credit crunch that paralyzed Wall Street this summer. (AP Photo/Mark Lennihan, file)
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Of all the resources available through Merrill Lynch, none is likely to be as important to you as the partnership you develop with your Financial Advisor. This trusted partnership, supported by Merrill Lynch’s network of sophisticated global resources, enables your Financial Advisor to identify your needs and help you craft a wealth optimisation strategy to realise your vision for the future.
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