By Greg Farrell

The intimate, fly-on-the wall story of the decline and fall of an the USA icon
 
With one impressive exception, the corporations that make up what we all know as Wall highway have regularly been a part of an inbred, insular tradition that almost all humans in basic terms vaguely comprehend. The exception used to be Merrill Lynch, an organization that revolutionized the inventory marketplace through bringing Wall highway to major road, establishing places of work in far-flung towns and cities lengthy missed through the giants of finance. With its “thundering herd” of economic advisers, might be no different enterprise, even if in monetary prone or in other places, so epitomized the yank spirit. Merrill Lynch was once not just “bullish on America,” it was once an incredible the reason for this is that such a lot of regular american citizens have been in a position to develop prosperous through making an investment within the inventory market. 

Merrill Lynch was once an icon. Its unexpected decline, cave in, and sale to financial institution of the United States was once a surprise. How did it ensue? Why did it ensue? And what does this tale of greed, hubris, and incompetence let us know concerning the tradition of Wall road that keeps to at the present time although it got here on the subject of destroying the yank economic climate? A tradition during which the CEO of an organization wasting $28 billion pushes difficult to be paid a $25 million bonus. A tradition within which Merrill Lynch executives are assured bonuses of $30 million and $40 million for 4 months’ paintings, even whereas the enterprise is suffering to lessen its losses through firing millions of employees.

Based on unheard of resources at either Merrill Lynch and financial institution of the USA, Greg Farrell’s Crash of the Titans is a Shakespearean saga of 3 improper masters of the universe. E. Stanley O’Neal, whose inspiring upward thrust from the segregated South to the nook place of work of Merrill Lynch—where he engineered a winning turnaround—was undone by way of his trust smooth-talking salesman may deal with essentially the most tough jobs on Wall road. simply because he loved O’Neal’s help, this govt was once allowed to accumulate an awesome $30 billion place in CDOs at the firm’s stability sheet, at a time whilst all different Wall road companies have been desperately attempting to go out the enterprise. After O’Neal comes John Thain, the cerebral, MIT-educated technocrat whose rescue of the recent York inventory alternate earned him the nickname “Super Thain.” He was once employed to avoid wasting Merrill Lynch in past due 2007, yet his trust that the markets might rebound led him to underestimate the intensity of Merrill’s difficulties. eventually, we meet financial institution of the United States CEO Ken Lewis, a road fighter raised slightly above the poverty line in rural Georgia, whose “my manner or the highway” administration kind suffers fools extra simply than capability opponents, and who made a $50 billion dedication over a September weekend to shop for a enterprise he rather didn’t comprehend, therefore jeopardizing his personal institution. 

The merger itself seems to be a strange mixture of cultures that mix like oil and water, the place slick Wall road bankers all at once locate themselves reporting to a solid of characters directly out of the Beverly Hillbillies. BofA’s inbred tradition, which perceived ny banks its enemies, used to be in accordance with loyalty and a good-ol’-boy community during which competence performed moment mess around to blind obedience.

Crash of the Titans
is a monetary mystery that places you within the theater because the ancient occasions of the monetary obstacle spread and other people accountable for billion of bucks of alternative people’s funds gamble recklessly to reinforce their energy and their paychecks or to avoid wasting their very own skins. Its wealth of never-before-revealed details and concentrate on icons of company the US make it the ebook that places jointly all the things of the Wall highway disaster.

From the Hardcover edition.

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Extra info for Crash of the Titans: Greed, Hubris, the Fall of Merrill Lynch, and the Near-Collapse of Bank of America

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5 and Axis. Each of the three is a large scale software system encompassing thousands of Java classes. In many cases the necessary functionality is assembled by several software and middleware providers. This means that building and providing a Grid requires a functioning ecosystem of complementary services from software providers and integrators (see also chapter 6). It is not possible to purchase a Grid off the shelf (Castro-Leon and Munter 2005). 4 Potential Advantages and Risks of Grid Computing Grid Computing provides advantages and opportunities for companies on two levels: on the IT management level, it enables a more efficient utilization of IT resources; on the business level, it increases efficiency, agility and flexibility.

It is important to consider that Grid Computing is not only changing the IT infrastructure in a company, but has the potential to provide significant business value. e. an organisation’s increased ability to respond and adjust quickly and efficiently to external market stimuli, is considered a key success factor for companies today. Existing IT infrastructure is considered to be a major obstacle to company agility. Prevailing IT infrastructure reflects the inflexible built-to-order structure: thousands of application silos, each with its own custom-configured hardware, and diverse and often incompatible assets that greatly limit a company’s flexibility and thus reduce time to market (Kaplan et al.

These systems contain basic resource control and mechanisms for fault tolerance as well as analysis tools for performance and debugging. Due to the lack of standardization in this space, these solutions typically support a variety of de facto standards and translate them into a solution specific format. Finally, these solutions often contain their own billing and user management solutions, partially integrating with common security infrastructures prevalent in enterprises. Example One example of Enterprise Grids is the Grid of the pharmaceutical company Novartis.

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Crash of the Titans: Greed, Hubris, the Fall of Merrill by Greg Farrell
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