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As you know, UBS, Citi, Morgan Stanley et al all chose over the last several weeks to pay back billions in auction rate securities to avoid going to court with Attorney General Andrew Cuomo. No agreement was reached with Merrill Lynch, however, with talks having grown "contentious," which we assumed meant Thain breaking the onesie out of mothballs and Cuomo renting a Viking costume. We also assumed that MER would eventually decide to roll over and take it, but, apparently, not so. Obviously Andy is none too happy about the lack of cooperation, telling CNBC this morning that he's-- paraphrasing here-- sick of their shit. "Today is the last day," he told Erin Burnett and Mark Haines. "If we don't settle today, tomorrow at this time we'll be in court."
Cuomo added that he "doesn't like to go to court." Regardless of whether or not that's true (and we're actually inclined to believe he loves "playing lawyer") it would be a damn shame if we were robbed of the opportunity to watch him get all up in Thain's face whilst Stan snickers from the back of the room. We vote for no settlement. Hopefully MER's with us.
Cuomo Threatens to Sue Merrill Over Auction-Rate Debt [CNBC]
**Spare us the "that's not how it actually works" crap. This is our fantasy and it'll play out however we see fit. If that includes Charlie Gasparino as court stenographer, SO BE IT.