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Merrill Management Makes Huge Mistake

By you know that it looks like Merrill Lynch will renew its lease with Brookfield Properties and remain in lower Manhattan, instead of building a skyscraper with developer Vornado, at the site of the Hotel Pennsylvania in midtown, right across from Penn Station, or as I like to call it, Penntation Island. New MER CEO John Thain thinks this bad idea is a good one because it'll allow the firm to focus on some credit trubs and it's something like a billion dollars cheaper than moving on up. Plus, he's in denial about not being a Goldman Sachs boy anymore, so it makes sense he'd want to stay downtown.
But that's just the opinion of one woman, who happens to hold a Ph.D in psychology and a masters in apiology. What do I know? Better than Thain, that's what. Merrill doesn't need to be focussing on anything but having a good time right now. It's already lost billions upon billions of dollars, a CEO, the respect of John Carney and so on and so forth. What Merrill needs right now is Auntie Anne's. What Merrill needs right now is easy access to the LIRR. What Merrill needs right now is Tiecoon (never been in, but love the stupid name).
The Journal notes that the five-year renewal lease with Brookfield hasn't officially been signed yet, and the deal could still fall through. I'm hoping, but I'm not getting my hopes up. Anyway. This really depresses me. Makes me sad. Does it make you sad? Yeah? You wanna be happy? Yeah? Then I suggest you watch this. Segways always help.
Merrill to keep HQ at World Financial Center [Reuters]