A revealing book of the rise and fall of the thundering herds, Merrill Lynch....
Looks like the Investment Banking community has learned nothing new from the Barings collapse a decade earlier.
The CEO do not know what the downlins were doing... and allowed one division to bring down the house. And eliminated all the smart people along the way.
The emperor has no clothes nor brains.. and people who highlighted this fact were shot immediately.
And soon , the emperor went around naked... but left the palace with one fat severance pay. They did not even have to give back their pay, let alone go to jail .With such " win I take, lose the shareholders bear" situations, isn't it hardly surprising that the scandals keep surfacing in the investment banking world?
Alas... will it ever change if the same people are still running the show despite nearly bringing the whole banking world to a stop?
Look forward to more books being published as scandals continue, CEO keep getting fat paychecks, and the US government keeps bailing them out!
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