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Crash of the Titans: Greed, Hubris, the Fall of Merrill Lynch, and the Near Collapse of Bank of America - Greg Farrell [epub]

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  With one notable
exception, the firms that make up what we know as Wall Street have always been part of an inbred, insular culture that
most people only vaguely understand. The exception was Merrill Lynch, a firm that revolutionized the stock market by
bringing Wall Street to Main Street, setting up offices in far-flung cities and towns long ignored by the giants of
finance. With its “thundering herd” of financial advisers, perhaps no other business, whether in financial
services or elsewhere, so epitomized the American spirit. Merrill Lynch was not only “bullish on America,”
it was a big reason why so many average Americans were able to grow wealthy by investing in the stock market. 
 

  Merrill Lynch was an icon. Its sudden decline, collapse, and sale to Bank of America was a shock. How did it
happen? Why did it happen? And what does this story of greed, hubris, and incompetence tell us about the culture of Wall
Street that continues to this day even though it came close to destroying the American economy? A culture in which the
CEO of a firm losing $28 billion pushes hard to be paid a $25 million bonus. A culture in which two Merrill Lynch
executives are guaranteed bonuses of $30 million and $40 million for four months’ work, even while the firm is
struggling to reduce its losses by firing thousands of employees.
  
  Based on unparalleled sources at both
Merrill Lynch and Bank of America, Greg Farrell’s Crash of the Titans is a Shakespearean saga of three flawed
masters of the universe. E. Stanley O’Neal, whose inspiring rise from the segregated South to the corner office
of Merrill Lynch—where he engineered a successful turnaround—was undone by his belief that a
smooth-talking salesman could handle one of the most difficult jobs on Wall Street. Because he enjoyed
O’Neal’s support, this executive was allowed to build up an astonishing $30 billion position in CDOs on
the firm’s balance sheet, at a time when all other Wall Street firms were desperately trying to exit the
business. After O’Neal comes John Thain, the cerebral, MIT-educated technocrat whose rescue of the New York Stock
Exchange earned him the nickname “Super Thain.” He was hired to save Merrill Lynch in late 2007, but his
belief that the markets would rebound led him to underestimate the depth of Merrill’s problems. Finally, we meet
Bank of America CEO Ken Lewis, a street fighter raised barely above the poverty line in rural Georgia, whose “my
way or the highway” management style suffers fools more easily than potential rivals, and who made a $50 billion
commitment over a September weekend to buy a business he really didn’t understand, thus jeopardizing his own
institution. 
  
  The merger itself turns out to be a bizarre combination of cultures that blend like oil and
water, where slick Wall Street bankers suddenly find themselves reporting to a cast of characters straight out of the
Beverly Hillbillies. BofA’s inbred culture, which perceived New York banks its enemies, was based on loyalty and
a good-ol’-boy network in which competence played second fiddle to blind obedience.
  
  Crash of the
Titans is a financial thriller that puts you in the theater as the historic events of the financial crisis unfold and
people responsible for billion of dollars of other people’s money gamble recklessly to enhance their power and
their paychecks or to save their own skins. Its wealth of never-before-revealed information and focus on two icons of
corporate America make it the book that puts together all the pieces of the Wall Street disaster. 						

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