Congratulations to US taxpayers....you own but do not own MER...MER should have gone to $0....like LEH.... Mr. Thain gets credit for passing on the baton of insolvency....giving the ownership to BAC, and the bill to US taxpayers.... This is just plain wrong....A perfect example of socializing the losses, and capitalizing the gains....for which the previous MER ONeill was a major benefactor.... ........................................................................................... The securities industry worldwide needs a "re-make".... Here it is.... All exchanges need to complete their consolidation....thus transforming into a seamless worldwide securities exchange....trading all securities.... Hedge funds, mutual funds would trade like stocks.... Bonds, options, commodities, and of course stocks would trade on this highway....available in the language, currency of choice.... Also, banks could make CDs available in the bond category.... This would facilitate a truly universal account which would also serve as the perfect service for individuals in each country who want to diversify thier currency risk....This would also serve as a reality check for governments that behave badly with their currencies....as a population would not be stuck with the whims of their politicians.... All securities would be universally boilerplate....and factual information would be boilerplate....in timely reporting as well.... Outside factual reporting, there would be firms which offer their management of securities.....Chips fall where they may.... There would be a standardized margin 1x2x3x4x share base available for qualified securities....