This thread was started 3 months ago. Now it's time to talk about how Buffett did due diligence on GS and GE in a few short days. Like MER, both of these companies have individual derivatives that could take a week to understand. And there are thousands of those.
Former Merrill Lynch CEO John Thain has resigned from Bank of America. http://online.wsj.com/public/us?refresh=on
Great call! Mer is a tee total joke going forward. I have to get a laugh from this as I was a rookie Broker there once, and got to see how these "true professionals" behaved. At this point in time, I can say with confidence that the old wirehouse model is far, far gone. Thank the Lord! Independent B/D and RIA is the only way to go these days. I get a 90% payout today, get to give TRUE financial advice, and have kept many more Clients through this mess than the wirehouse brokers. I can't believe I used to once get a 42% payout (giving the rest to Mother Merrill), and at the same time, was pushed to sell their prop garbage to nice Clients. Only God can forgive Mother Merill... Again, great call bwolinsky!
Yeah, It appears Lewis is an idiot for believing there aren't other games in town to play. Independent is all that will be left when these brokerage houses come crashing down. The biggest irony was he fooled someone that should have known better, especially this late into the first decade of the new milennium. Independent advisors will thrive in the coming wave of consolidation away from broker based front and back end load 12b-1 rip off fee structures. Anybody in Kansas City should call me at 859-583-9016.