I really want to believe that stewards of shareholders investments are always doing what's in the best interest of the investor. How does one make such bad decisions that there can be an $8 billion write down ($2.3 billion net loss) - not million folks - and in one quarter? Unbelievable!
One would have thought after Enron and with the institution of Sarbanes Oxley that there would be checks and balances to limit exposure to such huge losses. Wasn't the head of Risk Management for Merrill offering some advise here - or was dear Stan doing whatever the heck he wanted - absolutely incredulous...
http://www.bloomberg.com/apps/news?pid=20601103&sid=a3Oqep8S.npk&refer=news
-SD
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