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Friday, November 16, 2007
Lloyd Blankfein and Ken Moelis on Wall Street Risks, Rewards and Opportunities
When Merrill Lynch reported solid second-quarter earnings last July, chairman and CEO Stan O'Neal sent employees a memo boasting about the firm's risk management prowess. Only three months later, Merrill Lynch took its historic $8.4 billion write-down for losses in mortgage-related securities, with Citigroup and others soon reporting unprecedented credit losses as well. O'Neal and Citigroup chairman and CEO Charles Prince were both ousted from their jobs. Read more...posted by Charles Monat Associates at 9:27 AM
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