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	<title>Comments on: That Merrill statement in full</title>
	<link>http://ftalphaville.ft.com/blog/2007/11/02/8597/that-merrill-statement-in-full/</link>
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	<pubDate>Wed, 20 Aug 2008 10:33:08 +0000</pubDate>
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	<item>
		<title>by: hedgehog</title>
		<link>http://ftalphaville.ft.com/blog/2007/11/02/8597/that-merrill-statement-in-full/#comment-7723</link>
		<pubDate>Fri, 02 Nov 2007 17:52:37 +0000</pubDate>
		<guid>http://ftalphaville.ft.com/blog/2007/11/02/8597/that-merrill-statement-in-full/#comment-7723</guid>
					<description><![CDATA[Paul 

Interesting end line in an article in today's Economist on Investment Banks and whether bigger losses may yet be to come  ie ..."Mr O'Neal fell in a falling market, but perhaps nearer the top than the bottom "

I have a feeling that will prove to be the case. Talking of falls Merrill's statement  as set out above doesn't deny it happened it simple says they have no reason to believe inappropriate transactions occurred and such transactions would violate their policy but that is quite different from a categoric statement to the effect that they didn't happen ie the door seems left open perhaps for a later statemnt to the effect that  .. "we have been shocked to discover...." 

Cynical perhaps but having ,some years ago read Philip Augar's excellent book  "The Greed Merchants " about how the merchant banks operate (he was a merchant banker ) I find it difficult to believe anything they say and easy to understand how the current credit crisis could have arisen.]]></description>
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