Tuesday June 2 2015
Merrill Lynch was fined for violating a rule regarding short sales. The 'fine' was $9 M and they gave up $1.6 M n profits, I wonder how those numbers were determined?
But here is our TBTF Too Big to Fail example of a firm once again.
Amazingly after being one hour away from disappearing during the financial crisis, millions of people still trust this firm. Yet as in this example, they are continually doing something they know is wrong.
Will anyone at Merrill lose their job? Of course not. Will anyone lose a securities license, apparently not?
Did ML admit to wrong doing or just pay the fine?
This is the sort of thing that makes teaching ethics difficult. What is ethical is what you can get away with in the big leagues.
Comments