...is that Merrill President and Chief Operating Officer Greg Fleming might be out. Angelo Mozilo, head door greeter of the newly formed entity, is still all good.
Completely Unfounded, Possibly Baseless Rumor Of The Day, Bank of Amerillwide Edition
Posted by Bess Levin, Jan 08, 2009, 2:23pm
Comments
Comments hidden for your protection. Show them anyway!More Favorite Reads
Sep 15, 2009, 2:22pm
Technical Difficulties Prevented Warren Buffett From Saving Lehman Brothers
I sense some judgment from the Bloomberg reporter here re:...
More »Sep 15, 2009, 2:00pm
People! THIS TYPE OF PERFORMANCE DOES NOT MAKE PTJ WANT TO RAIN BUCKETS O' CHICKEN ON YOUR ASSES!
Tudor BVI Global: August 2009: 0.5% YTD: 12.5% ...as for...
More »
Sep 09, 2009, 11:27am
Goldman Partner's Neighbors Scandalized By Shirt Optional Parties
Goldman Sachs partner managing director Richard Kimball Jr. apparently got...
More »Sep 09, 2009, 10:15am
Job Openings At AQR! (UPDATE)
Ladies, if you've been looking to work under one of...
More »
Posted by guest , Jan 08, 2009 2:29PM
Nice tag
Posted by guest , Jan 08, 2009 2:30PM
Bess is my hero!
Posted by guest , Jan 08, 2009 2:33PM
The heads of Merrill bailing...makes perfect sense. Get out before while you still can.
Posted by guest , Jan 08, 2009 2:34PM
Can someone give a quick-and-dirty on who was who at MER/BAC and who has been pushed out?
So far: head of MER brokerage - and now Greg Fleming?
Posted by guest , Jan 08, 2009 2:35PM
@4- if GF is leaving, I'd bet it was his choice. why would he want to stick around?
Posted by guest , Jan 08, 2009 2:36PM
Where are all these Merriltards going to go?
Posted by guest , Jan 08, 2009 2:37PM
@6- where is ANYONE who gets laid off from anywhere going to go, besides the mud pit to fight over the 4 available jobs in finance at the moment?
Posted by guest , Jan 08, 2009 2:40PM
@7 maybe they can pick up a hard hat and shovel and help rebuild Americas Infrastructure
Posted by guest , Jan 08, 2009 2:40PM
Why not early retirement?
Posted by guest , Jan 08, 2009 2:41PM
on the fixed income side @ mer, cuts in mortgages began, rumor is credit to follow next week, with rates the week after.
Posted by guest , Jan 08, 2009 2:41PM
@7 fishing with the Madoff bros
Posted by guest , Jan 08, 2009 2:41PM
@7 fishing with the Madoff bros
Posted by guest , Jan 08, 2009 2:42PM
7 This has been discussed before. There are lots of jobs in finance at the moment. As you point out, maybe only 4 that are good ones, but still lots of jobs. What has happened in the past is that people just move down the food chain till things get better.
Posted by guest , Jan 08, 2009 2:51PM
why don't all of these highly talented people just start a new firm with all of their contacts, much lower prices and no CDO and CMBS exposure. Hell, they could probably buy the stuff (including a building that they used to work in) real cheap and make a killing putting their old firms out of business. Just a thought.
Posted by guest , Jan 08, 2009 2:53PM
they did a few years ago -- its called Stonington Partners
Posted by guest , Jan 08, 2009 2:56PM
With all of the Treasuries we are issuing I think everyone should be applying at Cantor
Posted by guest , Jan 08, 2009 2:57PM
Everyone fired from Wall Street should go work for the SEC, FBI etc in enforcement and go back and maul the bastards that axed them. Go cannibal.
Posted by Seaman Bodine , Jan 08, 2009 3:06PM
@17
https://jobs1.quickhire.com/fbi.html
Posted by guest , Jan 08, 2009 3:12PM
This makes complete sense. Unless Greg Fleming will be helping BofA find a suitor in the near future, he is as just about as useless as Peter Krauss was.
A combination of McCann and Fleming elsewhere is a wager the street should be making. Good scoop at a time when there is no doubt Fleming's severance negotiations are going on.
Posted by Anal_yst , Jan 08, 2009 3:12PM
@ Seaman
HAHAHAHA
Flight to, uh, quality?
Also, @ 14 - give it time my friend. You think those with the contacts/$ aren't gonna just sit it out for another 2-3 years until things (might) start to pick back up?
Posted by guest , Jan 08, 2009 3:30PM
Uh: story just "broke" by Charlie. Fleming is "likely to go to Yale University."
Posted by guest , Jan 08, 2009 3:36PM
@17, there's the small matter of a drug test...
Posted by guest , Jan 08, 2009 3:36PM
I just heard this on CNBC. Now I find out that Dealbreaker's sexy Bess reported this an hour ago. Why do I bother watching CNBC?
Posted by guest , Jan 08, 2009 3:38PM
I just heard this on CNBC. Now I find out that Dealbreaker's sexy Bess reported this an hour ago. Why do I bother watching CNBC?
Posted by guest , Jan 08, 2009 3:41PM
@14: What makes you think anyone's going to want to buy that crap in the future?
Posted by guest , Jan 08, 2009 3:41PM
Now he is going to teach folks at Yale how to create and sell trash as AAA paper, then take hundreds of mils in bonuses, and when reality sets in pretend to be too big to fail and call a sucker to buy your company. All in all a great business plan for new graduates.
Posted by guest , Jan 08, 2009 3:41PM
@23/24- cnbc rips off db all the time. cocksuckers.
Posted by guest , Jan 08, 2009 3:43PM
What is completely hysterical if not criminal is that most of Stan O'Neal's partners in crime and Thain's truly useless hires (ala Krauss) are gone or are negotiating how softly the door will hit them in the ass on the way out..
All the while, it is tough to explain why other senior managing directors in the old ML FICC division (responsible for taking Merrill down) get promoted. Specifically David Gu hired by and a former direct report to Dow Kim and Osman Semerci, who now somehow has been handed his 11th life as the head of some combined capital markets group at Bank Amerrillwide.
Perhaps @17 can make this his first case when he gets out of the academy.
Posted by guest , Jan 08, 2009 3:43PM
@23
Why bother double posting? Fuckhead.
Posted by Lowly Assistant , Jan 08, 2009 3:44PM
Seaman,
Stopped reading at "availble."
The District is like a bad wet dream, in a sleeping bag.
Posted by guest , Jan 08, 2009 3:52PM
Mr. Fuckhead/#29. Sorry about javascript error :)
Posted by guest , Jan 08, 2009 3:59PM
@22
Yes, those who fail the drug test will find more suitable employment as repo men.
Posted by guest , Jan 08, 2009 4:28PM
@7 fishing with the Madoff bros
Posted by guest , Jan 08, 2009 5:01PM
He's gone - confirmed.
Posted by guest , Jan 08, 2009 7:47PM
@28 After Gu's job, eh?
Posted by guest , Jan 09, 2009 12:56PM
Flemming was complete nonsense....and will be gone from the St. forever.
He looked like a 17 year old and had the presence of a NJ mall usher.
I was a FIG Assoc and remember when he joined the FIG group in the 90s.
He was a mckinsey flunky and did same out of the Muni Fin Dept after 2yrs and they brought him up as a VP as a favor.
He did zero from 93-96. Literally. He had this ML Asset Management presentation and kept duping it 1000 times.
Being in the asset managment space at ML was like covering the Ford account at Goodyear. Any douche could do it; and they gave it to him. Well he added every 1 * fund company to the roster and linked his revenue code to IB revenue tracking.
Overnight he had the highest Revenues @ ML.
The Co-Heads of FIG were killing eachother at the time, and couldnt see this, mainly b/c this Mr. Potatoe Head looking fat one was going off his rocker.
Long story short 15-30 FIG bankers left for LB, CS, GS, MS, DB and Greg was the only one left. Then another 10 left when they made him head.
While the ML ship was cracking in half with .com, enron, and one head of IB going to jail (Dan Bayly) and a CEO (Herb Allison) being booted and another dufus CEO (Oneal) being hired, he sauntered in for those jobs.
While from the outside it looks like he was a genious, and the CEOs of BA, Wachovia were hanging on his every word....the truth was he didnt know his ass from a merger model; never called on a client in his life, nor won a mandate to speak of.
Politicking, brown-nosing and ass-kissing, however made him bar none the best. Until, he meets the likes of Ken Lewis who has seen his type from 100+ deals before.
It was a good ride Greg. Sorry about the strike price on your unvested shares.
For those of you who doubt crappy bankers make it to the top: Greg is your Poster Boy.
-----------------------
Instant return-fire Response:
Not bitter; left ML long ago for many gurantees and promotions. Just had a soft spot for Mother Merrill and its sad to see her pimped by such unqualified punks....