http://bigpicture.typepad.com/comments/2007/11/why-thain-over-.html
I meant to do a post on this last night and forgot and was going to do it today but I noticed Big Picture beat me to it.
What are those reasons? Well, according to CNBC.com, Fink would only agree to take the position if Merrill was willing to give a full and complete accounting of it's subprime exposure:
Well after Fink laid down his one and only stipulation (pretty understandable if you ask me, I mean I would want to know what kind of mess I was getting into) the phone went dead. Fink apparently never heard back.
Seems logically it would be for one of two reasons.
1) The write downs are still woefully short of reality
2) There was no way to meet Fink's condition because no one at Merrill has a clue what the accounting should actually be.
Both scenarios seem very bad for investors and the markets alike.
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