Roll Call- Who's Walking from MER
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Posted: Dec. 01 2008 at 6:00pm By Sheworkshardforthe$ hey cubfan, THEY took the goverment money, so THEY can no longer send you on luxurious trips with your wife, THEY can not send you to outrageous sporting events, THEY can not even have a XMAS party. THEY were good. THEY can't do it any more. . THEY acted and operated like a hedge fund. THEY borrowed money and made bad investements. THEY blew up. .
Even BAC can't save THEY. So there won't be any recognition club trips next year? You're out of your mind, or you just don't know Merrill Lynch (or any other major wirehouse for that matter).
[quote=cubfan1404]It was the 5th Ave office. The MD and Admin swept a large error under the rug and they did not report it to FINRA.
Well what on earth does this have to do with the B of A transition? Do you guys really think that these guys being fired was because of the B of A merger in any way? Come ON now guys! I have yet to hear anyone explain to me how the new ML is going to be any different than the current Smith Barney. Owned by a bank, operating the same way it did when it was independent. Is Citi just not as good at ruining its own internal culture as B of A is? That would explain Citi's $7 stock price I guess? This is becoming ridiculous. ML will be ML.[/quote] The ML name will be gone in 2010. Been discussed repeatedly, timing the issue, not if.Just like the big three, THEY will now be going to go to congress with out their savior HANK driving to the function in their HYBRID cars staying at the Days Inn. On the new and improved trips You and your wife will be invited to the Days Inn with a DJ playing DISCO. Hope you have a nice time. Things have changed. You just don’t know the magnitude of the 37 to 1 leverage ratio of THEY. Do the homework…or go to the Rosemont and put on the Rose Colored Glasses. Michael Jordan Doesn’t Play Here Any More.
And one more thing Cubfan,
It is my understanding, that last year Ken Lewis made $25M. And he agreed to the congress compensation package not to exceed $500K. Do you know that there were 26 people at ML who made more than Ken did at THEY. The reason why I bring this up is the SHXT SLIDES DOWNHILL. Hope your wearing your ROSE Colored Glasses when it hits you so you can still see your wife at the party at the Days Inn.She,
I had also heard that 26 people at ML made more than Ken Lewis last year. It's really unbelievable how much money exec mgt sucked out of the firm. And you better believe that if the top gets cut, it will filter down. Besides, you are exactly right about the 37 to 1 leverage- without that, there just won't be near the coin to be spread around. Can u imagine what EPS will look like with 1/3 of the leverage? it will be dismal, no doubt. It is offensive to me to think what i will be told by management as to why my compensation must go down.It is because at 37 to one they still have 50B X 27 in debt equals 1 Trillion plus. With help from the Goverment, cause they do not want run on the banks gave us more capital to fix short therm. The 1T interest rate just went up. Used to be 8.75 now 15%. Ken just got himself another Countrywide. In our best years we made $4B net to the firm. Cant even pay the interest. I once again will ask Cubfan to do the math.
cubfan:
Your new name is dreamer...ML is gone and so is your ownership over your biz. You have no idea what is coming your way. I would buy a chew toy and keep it close by. It will help you to keep from screaming when they hold you down.
cubfan,
you obviously did not read my posts very well. you are surely an idiot.
Curious as to why ML advisors are heading to UBS....big upfront? UBS is a tainted name.
Why not indy and double your payout? If you are worried about having a name clients are familiar with why not go to Ameriprise indy platform and get a check. You would have a familiar name....or is it too down market for ML or SB clients? Are you clients addicted to IPO's which have dried up. What is so unique about SB or UBS that would have you go to either and not get double the payout by going indy?
Why not Morgan Stanley?, they seemed to be the only firm to steer through the nightmare and remain independent. Can probably get 200% of TTP. If the name of the firm is not that important why not LPL or Commonwealth? Serious question if anyone has any input.....[quote=daytradah]
Curious as to why ML advisors are heading to UBS....big upfront? UBS is a tainted name.
Why not indy and double your payout? If you are worried about having a name clients are familiar with why not go to Ameriprise indy platform and get a check. You would have a familiar name....or is it too down market for ML or SB clients? Are you clients addicted to IPO's which have dried up. What is so unique about SB or UBS that would have you go to either and not get double the payout by going indy?
Why not Morgan Stanley?, they seemed to be the only firm to steer through the nightmare and remain independent. Can probably get 200% of TTP. If the name of the firm is not that important why not LPL or Commonwealth? Serious question if anyone has any input.....[/quote] Good Question? Only part I disagree with is MS, I think it has not gone though unscathed. They were bankrupt the weekend of getting Japanese Money, if Mitsu.. backed out they were gone. If US Treasury did not guarantee the preferred against failure they were bankrupt. From what I gather none of the old "name" firms are worth a penny of clout, in fact seems the opposite. Only explanation I can see is brokers need the upfront check.Well, I wonder how Thain’s request for at least a $10mm bonus this year will go over in the ML offices?
As to the moves, I would say a 45-day clock for moving starts the date the new comp plan is announced.Before I post this, let me make it clear that I am well aware that my own firm (WS) has its issues, but I felt I needed to share this:
I was browsing money.com earlier this AM, and there is an advertisement on there of a guy sittin on a couch with a big red banner behind him. The banner says "Bank of America Rollover IRA......its FDIC insured". Just what I want to see if I am an advisor.(Reuters) –
Merrill Lynch & Co <span style=": transparent none repeat scroll 0% 0%; cursor: pointer; -moz–clip: -moz-initial; -moz–origin: -moz-initial; -moz–inline-policy: -moz-initial;" =“yshortcuts” id=“lw_1228716839_0”>Chief Executive <span style=“border-bottom: 1px dashed rgb0, 102, 204; cursor: pointer;” =“yshortcuts” id=“lw_1228716839_1”>John Thain
has suggested to directors that he get a 2008 bonus of as much as $10
million, but the battered company’s compensation committee is resisting
his request, the <span style=": transparent none repeat scroll 0% 0%; cursor: pointer; -moz–clip: -moz-initial; -moz–origin: -moz-initial; -moz–inline-policy: -moz-initial;" =“yshortcuts” id=“lw_1228716839_2”>Wall Street Journal said, citing people familiar with the situation.
Enough said!
2 left Louisville and went to UBS. That makes 6 departures from that office alone since the BAC bailed out ML.
[quote=duster10]Before I post this, let me make it clear that I am well aware that my own firm (WS) has its issues, but I felt I needed to share this:
I was browsing money.com earlier this AM, and there is an advertisement on there of a guy sittin on a couch with a big red banner behind him. The banner says "Bank of America Rollover IRA......its FDIC insured". Just what I want to see if I am an advisor.[/quote]I definately understand how you feel, and why you and most advisors, including me feel that way. Dont want to see your own firm competing with you.
But, keep in mind, that ad is gonna be there with that banner, whether you are part of the bank or not. You;ll still be competing with those drones.
Just got email this am. welcoming 2 more guys to Ray Jay in Louisville, leaving MER.2 left Louisville and went to UBS. That makes 6 departures from that office alone since the BAC bailed out ML.
When I read Thain had ask for a $10 million bonus I knew he did not believe in the BAC-ML relationship. He wants his payout and then will find his next company to run. All I can say is good for him and I will do the same once I hear back from my manager on what the payout will be on Thursday.
Quick question for indepedents- One of the only good things left about ML is if a client did sue you which I’ve seen happan after the tech crash and the savings and loans crisis. ML has been very good in protecting their advisors (who knows if this will continue).
What sort of support would you get?
This is what has me leaning towards MS or UBS.
I do have ARS. But I remember during the tech wreck it seemed to me about a quarter of our brokers were sued. Clients said the investment were inappropriate i.e. they lost money.
Any help would be appreciated as I make my decision.