I find this article mindblowing (via Umair Haque). Check it out if you want to know where the losses at Merryl Lynch came from.
“Clawing back the 2006 bonuses at Merrill would not come close to making up for the company’s losses, which exceed all the profits that the firm earned over the previous 20 years.”
Talking about Black Swans…
Now, in this light, how do you feel about the US government deciding to grant Banc of America another $20 million bailout – paid for by tax-payers?
