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Merrill Having Trouble Convincing People To Shell Out Top Dollar For Asbestos-Like Assets

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Bloomberg reports that Merrill Lynch's talks to sell a "significant" amount of bad loans to Korea Asset Management Corp. may be hitting the skids because the two parties can't come to an agreement on how much the crap is worth. Seems Merrill and Co. are under the impression the assets have some value; Korea, not so much. What's probably going to happen is that Merrill, having zero self-respect, will cut prices and take whatever capital they can get. You and I both know they shouldn't. At this juncture, with nothing to lose and a golden parachute to gain, Thain should say thanks but no thanks to your shitty-ass offer and walk out of the room. Then a. Korea Asset Management will suddenly reconsider and make old onesie an offer he can sink his teeth into or b. the plan will backfire and KAM won't come around, but at least Merrill will have retained a modicum of pride, if not shareholder value. Plus, if all goes according to plan, the board will ask Thain to leave, and he'll finally wake up from this all too real nightmare, hopefully in the arms of Lloyd Blankfein or some other Goldman exec authorized to offer him a job. (Or not. As JT's said before, sometimes you just want to be held.)
Merrill May Fail to Sell Bad Loans to Korea Asset [Bloomberg]