What's The Reverse of A Cynic?

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Oscar Wilde once said that a cynic "knows the price of everything and the value of nothing."
Today, as we spoke to sources in and around Merrill Lynch, our favorite line came from a Merrill veteran who cleverly turned around Wilde's line. According to the Merrill vet, the most common objection to giving Bob McCann the top spot--that he lacks fixed-income experience--should be regarded as a strength.
"Haven't we learned that a lot of these folks with fixed-income experience had no idea what they were doing? Didn't that just cost Merrill $8 billion. That's enough of that experience," he said. "The problem is that these guys know the alleged value of everything but the prices of nothing. Value without market price is pretty in poetry but ugly on Wall Street."
Speaking of which, we're supposed to be attending the Future of Business Media conference today at the Waldorf Astoria but we've been chasing the Merrill story all morning. We're heading back to the conference. Bess Levin is holding down the fort at DealBreaker's bunker HQ. Expect more from her shortly.

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