29 Facts About Merrill Lynch


Merrill, previously branded Merrill Lynch, is an American investment management and wealth management division of Bank of America.

FactSnippet No. 1,559,610

Merrill Lynch rose to prominence on the strength of its network of financial advisors, sometimes referred to as the "thundering herd", that allowed it to place securities it underwrote directly.

FactSnippet No. 1,559,611

Charles Merrill received a minority interest in E A Pierce in the transaction.

FactSnippet No. 1,559,612

Merrill Lynch became the first on Wall Street to publish an annual fiscal report in 1941.

FactSnippet No. 1,559,613

On December 31,1957, The New York Times referred to that name as "a sonorous bit of Americana" and said, "After sixteen years of popularizing [it], Merrill Lynch, Pierce, Fenner, and Beane is going to change it—and thereby honor the man who has been largely responsible for making the name of a brokerage house part of an American saga, " Winthrop H Smith, who had been running the company since 1940.

FactSnippet No. 1,559,614

The Government Securities business brought Merrill Lynch the needed leverage to establish many of the unique money market products and government bond mutual fund products, responsible for much of the firm's growth in the 1970s and 1980s.

FactSnippet No. 1,559,615

In June 1998, Merrill Lynch re-entered the Canadian investment business with its purchase of Midland Walwyn Inc At the time, Canada was the seventh-largest market for personal investment.

FactSnippet No. 1,559,616

In 2003, Merrill Lynch became the second-largest shareholder of Japanese animation studio TMS Entertainment.

FactSnippet No. 1,559,617

Merrill Lynch purchased the stake purely for investment purposes and had no intention of acquiring control of the firm's management.

FactSnippet No. 1,559,618

In mid-2008, Merrill Lynch sold a group of CDOs that had once been valued at $30.

FactSnippet No. 1,559,619

MBIA claimed, among other things, that Merrill Lynch defrauded MBIA about the quality of these CDOs, and that it was using the complicated nature of these particular CDOs to hide the problems it knew about in the securities that the CDOs were based on.

FactSnippet No. 1,559,620

Rabobank later claimed that its case against Merrill Lynch was very similar to the SEC's fraud charges against Goldman Sachs and its Abacaus CDOs.

FactSnippet No. 1,559,621

Merrill Lynch disputed the arguments of Rabobank, with a spokesman claiming "The two matters are unrelated and the claims today are not only unfounded but weren't included in the Rabobank lawsuit filed nearly a year ago".

FactSnippet No. 1,559,622

In March 2009, it was reported that in 2008, Merrill Lynch received billions of dollars from its insurance arrangements with AIG, including $6.

FactSnippet No. 1,559,623

In 1998, Merrill Lynch paid Orange County, California $400 million to settle accusations that it sold inappropriate and risky investments to former county treasurer Robert Citron.

FactSnippet No. 1,559,624

The county sued a dozen or more securities companies, advisors and accountants, but Merrill Lynch settled without admitting liability, paying $400 million of a total $600 million recovered by the county.

FactSnippet No. 1,559,625

In 2002, Merrill Lynch agreed to pay out $100 million for publishing misleading research.

FactSnippet No. 1,559,626

Between 1999 and 2001, during the dot-com bubble, Henry Blodget, a well-known analyst at Merrill Lynch, gave assessments about stocks in private emails that conflicted with what he publicly published via Merrill.

FactSnippet No. 1,559,627

Merrill Lynch settled without admitting or denying the allegations and was barred from the securities industry for life.

FactSnippet No. 1,559,628

In 2004, convictions of Merrill Lynch executives marked the only instance in the Enron investigation where the government criminally charged any officials from the banks and securities firms that allegedly helped Enron execute its accounting scandals.

FactSnippet No. 1,559,629

The charges alleged that the 1999 sale of an interest in Nigerian power barge by an Enron entity to Merrill Lynch was a sham that allowed Enron to illegally book about $12 million in pretax profit, when in fact there was no real sale and no real profit.

FactSnippet No. 1,559,630

Merrill Lynch reached its own settlement, firing bankers and agreeing to the outside oversight of its structured-finance transactions.

FactSnippet No. 1,559,631

On June 26,2007, the US Equal Employment Opportunity Commission brought suit against Merrill Lynch, alleging the firm discriminated against Dr Majid Borumand because of his Iranian nationality and Islamic religion, with "reckless disregard" for his protected civil rights.

FactSnippet No. 1,559,632

Merrill Lynch was criticized by both the National Iranian American Council, and the American-Arab Anti-Discrimination Committee.

FactSnippet No. 1,559,633

In March 2005, Merrill Lynch paid a $10 million civil penalty to settle allegations of improper activities at the firm's Fort Lee, New Jersey office.

FactSnippet No. 1,559,634

Merrill Lynch failed to reasonably supervise these financial advisers, whose market timing siphoned short-term profits out of mutual funds and harmed long-term investors.

FactSnippet No. 1,559,635

Merrill Lynch admitted wrongdoing and agreed to pay a $42 million penalty.

FactSnippet No. 1,559,636

On 22 March 2019, Merrill Lynch agreed to pay more than $8 million to settle charges of improper handling of pre-released American depositary receipts under investigation of the US Securities and Exchange Commission.

FactSnippet No. 1,559,637

Merrill Lynch neither admitted nor denied the investigation findings but agreed to pay disgorgement of more than $4.

FactSnippet No. 1,559,638