Posts filed under “Corporate Management”

Happy 100th Birthday, Mother Merrill. We Miss You

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Source: Bank America

 

 

Merrill Lynch Pierce Fenner & Smith turns 100 today. At least, she would have been, if she was a standalone entity, and not a government rescued TBTF entity, forced into a shot-gun wedding with Bank of America.

I have a warm place in my heart for the firm once referred to as Mother Merrill. As a young trader, I interviewed for an entry-level position. Right there on the main trading floor, a cavernous affair the size of several football fields in the downtown office. It was unlike any place I had ever been in before. I had plenty of friends who worked on desks there, and eventually came to know many folks in their research department. There was at one time a sense of camaraderie at Merrill, a real feeling that everyone was rowing in unison. In my experience, it was a unique place, with a sense of passion and purpose. And even though I never worked there, I was mentored by a number of traders who did. It was that sort of place.

The idea of democratizing finance for the middle class was novel. So too was the Cash Management Account (CMA), allowing brokerage customers to combine money market, check-writing and credit card all in one account. Win Smith, son of founding partner (yes, that “Smith”) details this history in Catching Lightning in a Bottle: How Merrill Lynch Revolutionized the Financial World.

 

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Category: Bailouts, Corporate Management, Digital Media, Investing, M&A

Rethinking Customer Satisfaction

A study by Bloomberg Businessweek indicates that customer satisfaction might actually be bad for business.

The Colbert Report
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Colbert 03:00

Category: Corporate Management, Humor, Video

The Ballmer Years

The not so terrific reign of error of Microsoft under Steve Ballmer: Source: WSJ

Category: Corporate Management, Digital Media, Technology

US Bank Fines = $95 Billion Dollars

In less than 5 years, these 5 banks have amassed nearly $100 Billion dollars in fines n 81 settlements:     click for ginormous graphic Source: Economist via Washington Post  

Category: Bailouts, Corporate Management, Really, really bad calls, Regulation

JPMorgan: Fish Rot from the Head

JPMorgan: Fish Rot from the Head William K. Black New Economic Perspectives October 23, 2013     The New York Times’ spin of the tentative settlement of JPMorgan’s latest myriad felonies begins early and runs throughout the article.  JPMorgan and Attorney General Eric Holder have reached a common meme on their settlement:  the Department of…Read More

Category: Bailouts, Corporate Management, Legal, Really, really bad calls

The Buffetts (3 Generations) Discuss Charity & Succession

Oct. 22 (Bloomberg) — Berkshire Hathaway chairman/CEO Warren Buffett, board member Howard G. Buffett and Howard W. Buffett, executive director at Howard G. Buffett Foundation, talk with Betty Liu about their book “40 Chances,” their philanthropic endeavors, succession at Berkshire Hathaway and Warren Buffett’s love of the TV show “Breaking Bad.” They speak on Bloomberg Television’s “In The Loop.”

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Category: Corporate Management, Video

Apple’s Stock Price Post New Product Announcements

Daring Fireball points out that following most new Apple product introductions, the stock price tends to fall: Here are the Steve Jobs product announcement stock action: • 23 October 2001, introduction of original iPod: AAPL fell about 5 percent. • 7 January 2002, Macworld Expo keynote: AAPL fell 4 percent. • 7 January 2003, Macworld…Read More

Category: Corporate Management, Investing, R&D, Technology

The Rise & Fall of Blackberry

Click for ginormous graphic Source: NYT

Category: Corporate Management, Cycles, Digital Media, Technology

Top 10 Bank Fines (Post 2008-09 Crisis)

Fines here, fines there, fines everywhere! The Wall Street Journal discusses the proposed $11 billion dollar JPM fine, but  buries the good stuff in this morning’s article on Jamie Dimon (This Generation’s Greatest Banker! ®) We have been tracking JPM’s fines, but if you want an industry overview, try this collection: Here is a quick…Read More

Category: Bailouts, Corporate Management, Really, really bad calls, Regulation

New Measure of System Risk (circa 2008 Crisis)

Click to enlarge Source: Institute for New Economic Thinking     NYU prof Robert Engle, who long-time blog readers may recall from this post a ways back, won the Nobel prize for his work on Volatility. He has developed new ways to measure “Systemic risk” from his perch at the Volatility Institute at NYU: “We…Read More

Category: Bailouts, Corporate Management, Regulation