Thursday, December 23, 2010
Merrill and the CDOs
How Merrill Lynch Traders Helped Blow Up Their Own Firm - ProPublica: "By the middle of 2006, the Merrill traders who bought mortgage securities were often clashing with the powerful division, run by Harin De Silva and Ken Margolis, which created and sold the CDOs. At least three traders began to refuse to buy CDO pieces created by De Silva and Margolis' division, according to several former Merrill employees. (De Silva and Margolis didn't respond to requests for comment.)"