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The Unraveling of Merrill & Bank of America
And while McCann and Fleming didn’t like each other very much—they were rivals for the CEO job—they had recently found common ground in their dislike of Thain; one person close to Fleming said he recently had a screaming match with Thain. People close to both men, who declined to comment for this article, were quick to point out that the two left Merrill not because they didn’t like Bank of America’s management but specifically because they couldn’t get along with their boss.
Others are now thinking about leaving Merrill. Of course Wall Street’s problems mean there are fewer jobs at the competition, but people who worked for McCann and Fleming are in the sweet spot of Wall Street’s emerging business model of providing wealth-management and financial advice to small investors and large companies. Contrary to popular belief, it was not Thain but Fleming and his team of bankers who initially saw the beauty of the BofA/Merrill deal—combining the largest bank with the largest brokerage firm and creating a wealth-management colossus.
After some prodding, Thain ultimately agreed to approve the Bank of America deal, blowing off a possible partnership with Morgan Stanley or Goldman Sachs, something that he deserves some credit for making happen. But deals of this magnitude aren’t just made on paper—they are done by working with people, by creating a sense of partnership, and promise for the future. In that sense, the Bank of America-Merrill deal is far from over. In fact, based on recent events, it may never be completed.
Charles Gasparino appears as a daily member of CNBC's ensemble. Gasparino, in his role as on-air editor, provides reports based on his reporting throughout the day and has broken some of the biggest stories affecting the financial markets in recent months. He is also a columnist for Trader Monthly Magazine, and a freelance writer for the New York Post, Forbes, and other publications.
John Talks Joe
Lloyd Grove is editor at large for The Daily Beast. He is also a frequent contributor to New York magazine and was a contributing editor for Condé Nast Portfolio. He wrote a gossip column for the New York Daily News from 2003 to 2006. Prior to that, he wrote the Reliable Source column for the Washington Post, where he spent 23 years covering politics, the media, and other subjects.
The Best Job No One Wants
Charles Gasparino is CNBC's On-Air Editor and appears as a daily member of CNBC's ensemble. He is a columnist for the Daily Beast and a frequent contributor to the New York Post, Forbes, and other publications. His forthcoming book about the financial crisis, The Sellout, is scheduled to be published later in 2009.
Wall Street's Grinch Speaks
Charles Gasparino is CNBC's On-Air Editor and appears as a daily member of CNBC's ensemble. He is a columnist for the Daily Beast and a frequent contributor to the New York Post, Forbes, and other publications. His forthcoming book about the financial crisis, The Sellout, is scheduled to be published later in 2009.
Wall Street Will Walk
Charles Gasparino is CNBC's On-Air Editor and appears as a daily member of CNBC's ensemble. He is a columnist for the Daily Beast and a frequent contributor to the New York Post, Forbes, and other publications. His forthcoming book about the financial crisis, The Sellout, is scheduled to be published later in 2009.
Everybody on CNBC is missing one major point with regard to Morgan Stanlley's interest in Smith Barney. MS should not be allowed to acquire any company wile it is the recipient of taxpayer money!!
Aw doncha wanna be a bagholder....uh I mean shareholder....sean???
A pox on both their houses. The only thing these Wall St. jerks are good at is enriching themselves with other people's money. If any of them were talented at anything else, we would not be in the mess we are in. They are very good at stealing and not at all good in managing or telling where our (stolen) money went. They make Bernie Madoff look like a small town crook. And Paulson an enabler.
Daaa Hows you doin dere Gasbag. So let me sees now, daahh yous guys pissin off anodda Wall Street firm. Gees, maybe one of dem will breka yous legs?
So, here's the point Charles. You are little more than a muckraking scumbag looking to bad mouth people as if you knew something. The simple fact of the matter is that you can barely string two sentences together. And you have the audacity to criticize others. And CNBC is equally culpable for allowing you the forum to be such a complete f*cking moron. Ironically, you call Madoff a fraud. You, my dear scumbag, are a journalistic fraud. You are a combination between Mickey Spilane and Gerry Springer. Is that why they call you Gasbagarumor? Try to add some facts to your otherwise muckraking commentary.
So, Is this censorship???? Do block all negative comments about a guy who wastes no effort to slime everybody on every story. Have some balls beast editors.
Censorship????? Block all negative comments about a guy who little more than a liar????
Hey der Gasbag. Bobby Boy here. You are such a muckraking piece of sh*t. Why CNBC keeps you around blows all of our minds.
I can't believe Charlie Gasparino is posting here.
Dude, you, Kudlow, Kneale yelling on the TV every morning is the main reason I change the station.
Grow up and stop acting like 10 year old kids.
Thought this was about the Bank of America/Merrill merger ... except it was an acquistion by BAC to save MER from bankruptcy.
Shotgun marriage? Yes. Rocky start? No doubt. But do not underestimate the acumen and merger experience of BAC and its top executives. To do so is to think that most Southerners still use outhouses.
Gasbag is a gossip spewing egotist that only wants to badmouth every institution and pile on when things are going bad. Just watch this clown on CNBC arguing with his fellow newscasters. He refuses to listen to anyones point of view. This man just wants to make people look bad at his gain. That type of person is the lowest level of life. Look at the article he just wrote about Jamie Dimon. It is yellow journalism at its best. Does anyone really think Dimon is going to be terminated? When are people going to realize he's just a dangerous rabble rouser and dismiss him for all the lies and falsehoods he's creating? But, then CNBC is full of many crackpots like Joe Kernan, Mark Haines, Erin Burnett and Becky Quick (married to the producer of her show). That's the only way GE can get anyone to watch this nonsensical volatility generating opinion show. Its not news and not reporting it an opinion show by uneducated financial suck up newscasters that want to generate buzz. All this happens because GE needs the money to offset its losses at GE Capital. If CNBC were impartial it would talk about the meltdown at GE instead of invite Jeff Immelt to lie to the public that the dividend is safe, the strategy is sound and the forecast are good. GasBag is just a small minion in the big scheme created by GE to call entertainment and opinion as hard charging muckraking news. CNBC/MSNBC are reality entertainment just like the Jon Stewart show and not hard news like Bloomberg or CNN.
Mr. Gasparino has done a thorough job of presenting the facts. No one can make this stuff up. We need investigative reporting, so the public knows the extend of greed that goes on in this country. Regarding the derogatory comments from those who defended Thain's greed, you probably have nice cushy jobs and don't know what its like to be unemployed, because of guys like Thain. Greed seems to be the hot game and there are many players who want in. Merrill Lynch is no angel. They have mislead investors for years and stole many, many millions. They have the most investor lawsuits filed against them than any other brokerage firm in history. They are experts in defrauding investors. So, why not the government? It's the usual way of doing business for Thain and his cronies-take and take some more.
Thank you.
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