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The Only Bullshit Story That’s Totally True: More Details EmergeWas It The Start Of A Civil War Between Equities and Fixed Income?

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Merrill Lynch’s famous bull logo has taken on a new aspect now that nearly everyone on Wall Street knows the story about the “unfortunate accident” that led to an employees shit being spread all over the place. And we’re not talking about a CDO squared portfolio.
The incident took place on the nineteenth floor of Merrill’s headquarters in the World Financial Center, according to our sources. The floor houses the fixed income group. Bonuses for the group are said to have dropped substantially from last year, although the decline was not as bad as some expected. The more senior guys are said to be very upset at their compensation but associates are pleasantly surprised after having their expectations lowered so dramatically.
But there may be more to this story than just a bonus rage. The story has been widely discussed within Merrill itself, and the predominant belief there is that it wasn’t a dissatisfied fixed-income researcher who engaged in the fecal protest. Inside the bull pen, the word is that it was an equities guy who came over to the fixed-income department and “inappropriately relieved” himself. He was supposedly seeking revenge against fixed-income for credit-market losses that have affected bonuses across the firm.
The plot thickens.