WIP

Tonight I ended up at 38,050 and 75 pages. Not bad. I rounded out a tough scene and see a clear direction for the next chapters. I have a rough outline but of late the story has been leading me.

Hopefully tomorrow or Thursday I can crack 40,000 and that would put me at the half way point or nearly so! My goal is to have the draft be about 80,000 words - leaving me room to add as I revise.

WIP

another 1000 words tonight. So I am at 36,794. Total of 72 pages. Last week I got busy with life and E is not sleeping well at night and well it took most my mental focus to knock out the last MBA paper.

I have high hopes for this week... 40K here I come.

Taking the bull by the horns

As promised I am posting the response to my email... It is from someone I actually know and have the world of respect for. He is the distract Admin manager. A life time employee. He worked his way up the ladder. He is a good manager. I would imagine his retirement has tanked - given that some of his comp in in ML stock.

When he was the Admin Manager of the Office I worked in, he ran a tight ship and he did a good job. I would work for him again I think.

But still, he is an admin manager of a sales complex of a firm. While he has been to the executive suite in Manhattan, he is not part of the inner circle, by my estimation.

And that is the travesty. Good people, like KH and my friend and countless others, who have built their careers by doing what is right and by growing and learning - they are the ones who suffer - just like those at Lehman. They lose their retirement benefits and all of it - when some small niche of people get together and follow their own vanity and their own greed. When one is an CEO, CFO, CIO or whatever O's - they are an officer of the corporation and it is their DUTY to act in the best interest of the company - HELLO that is Business 101. I think they need to go take a refresher course - because there is precious little of that going on in this Day and Age!

It makes me incredibly sad. And angry.... I was heartened to hear that the Client Associates and other hourly employees did not get the shaft. That helps ease the anger a touch. But still...

***

There probably is more to come. Unfortunately the press just loves this sort of thing and frequently they spin it to their own advantage. Let me give you a better sense of the bonus issue. Overall the bonuses were down about 40% as compared to last year. You might say that they should be down 100% given the losses that were incurred by Merrill Lynch. But, the great majority of those bonuses, as in the past, are paid to support people. As an example, the CA bonuses, EIP, were basically flat from prior years. There was a tremendous effort on the part of senior management in our division to insure that the CAs, along with other support positions, did not have their overall compensation harmed in any significant way, even in the face of the losses incurred by the firm. Also, CAs did get an increase last year, which was pretty much in line with increases in prior years. At the same time, any employee whose salary was $100,000 or greater was frozen.

A lot of humor has been gained at John Thain’s and ML’s expense over the revelation that he spent $30,000 for a commode. There were other items on the list that seemed equally frivolous. But, to clarify, he did not spend $1.2MYN to redecorate his office. He spent it on a redesign of the executive suites, which included areas outside of his own office. I have seen the executive suites at ML and I have seen Thain’s office. The office itself makes up a small portion of the entire space. Now having said that, was it, in retrospect, a good idea to spend that money on the executive suites with everything else that was going on? Probably not. Some of us in the field take pride in running a tight ship and not spending money when it’s not needed, in both good times and in bad. Just ask E. Or even think back when you were here. We are careful with how we spend money and a lot of management in the field behaves the same way.

Just an update. I understand that John Thain has announced that he is reimbursing ML for the $1.2MYN. I believe that Maria Bartaromo is interviewing him today and this will likely be part of the discussion.

Lastly please remember. A big reason that you still have your account at ML is because of E. I’m certain that E will continue to do the best that she can for you in spite of the bad press that is swirling around ML right now. I am confident that we will eventually put all of this behind us and again will be a better organization for it.

Good to hear from you.

*****

I am not sure I share his optimistic outlook - but HE has been in the business a long time... so I will sit with this a bit and wait and see. I still say we threw Martha Stewart in jail over a few thousands dollars and men like John Thain other executives can play fast and loose and make ridiculous judgments and in some cases commit something that looks an awful lot like fraud and well... it seems like that is going unpunished.

My next class in MBA school is Org. Behavior. Maybe it will shed some light on how those at the top can be so out of touch...or consumed by Mirror Mirror on the Wall, who is the greediest rat bastard of them all....

My little letter to President Obama

What is going to be done to ensure that those firms on Wall Street- who have accepted tax dollars spend them wisely and not foolishly as Merrill Lynch did in the days prior to the merger with Bank of America. When Americans are losing their jobs by the thousands - it is unconscionable that John Thain spent $1.2 million on office furniture. Corporate executive entitlement must end - I think before Americans will once again trust our financial system. It is a shame if not criminal their conduct.

I sent this via the Whitehouse.gov website. I was limited to 500 characters - so I think I will be drafting a letter in long form and mail it the old fashioned way.

I really feel like this an issue that must be resolved and resolved before the economy will actually get better. These bubbles that burst are fueled by Greed pure and simple. Greed, which breeds lack of judgment and an abject lack of integrity...

I still say they all need their knuckles rapped, their butts paddled and then they need to stand in the snow on line at the local soup kitchen for a week or so. A lesson in humility is in order.

Open Letter to Merrill Lynch

I sent this to the manager of the Columbus, Ohio sales distract of Merrill Lynch.
*****

Mr. C –

I have been irritated and I have been astonished over the last 3 years at the gross mismanagement of Merrill at the corporate level. As a client and a shareholder it is beyond appalling. First Stan O’Neil and his questionable dealings, which put ML under further financial hardship and negatively affected the stock’s valuation. Then the sale of the ML to BOA, which I think could turn out to be a homerun or a total stinker, depending on how it is orchestrated and managed. Sadly the news of the last minute bonuses and $1.2 million worth of office furniture purchased by James Thain, I am inclined to believe that it will be a total stinker.

As a former employee, I am also willing to bet that none of the client associates or back office employees received a bonus much less new furniture this year. I would also imagine that they have been working under a wage and salary freeze over the last few years as well. Never mind that they come to work and put in their full day and then some – whilst the gentlemen of James Thain’s ilk bilk the company for all it is worth and then take the tax payers money as well. I ask you – how was his contribution so more significant than the young woman’s who answers your phone. Other than she has performed with integrity and dedication and he – well at best he exercised poor judgment and at worse he committed fraud or dare I say theft?

I think the world of my advisor – XX. She is responsive and knowledge and a real asset to your organization. SHE is the only reason my husband and I have stuck it out at Merrill Lynch for as long as we have. But at this moment I think I am done feeding this mad cow. I am done paying top dollar – so that the executives can waste, squander, lie and cheat. I am done supporting an organization which is lead by men and women so devoid of any moral or ethical fiber. Where is the sense of corporate honor and respectable citizenship. Honor used to be a time honored value and sadly now it would seem that it is every man for himself – grab, grab, grab and take, take, take.

I also know that you are but a small cog in a very big wheel and that this message is a touch self serving and my chance to vent – but I would like to think that you will share my thoughts and words with your boss and take this as far as you can. I am also publishing this letter to my blog and will happily post any substantive response that I receive.

I used to be proud to say that I used to work for Merrill Lynch, now I am trying to dream up ways to highlight my experience there and not name the firm, as it is form shame, that a once trusted and revered investment house is now synonymous with greed and greed and dishonor, mismanagement and other less than desirable business principals.

I am currently finishing my MBA and I know that it takes many to make an business function but in the end those at the top set the tone, but I also know that those at the bottom have the ability to rise up. If I were still employed at Merrill Lynch I would be running a revolution. Every employee deserves more than they got – the employees, middle management like yourself, your staff and your brokers. Your investment of time and energy and integrity is worth more than you have received and for that I am truly sorry – my hope is that perhaps my words can motivate you to be an agent of change. To share my words and perhaps add those of others who simply cannot take it any longer. But I also know money speaks louder than words and I am considering my options. Perhaps if enough people take their money out of Merrill Lynch then and only then will Wall Street and the big movers and shakers learn that bad business will in fact eventually hit you where it hurts. After all men like James Thain are only concerned with how they might benefit. When the well runs dry – perhaps then and only then will get what they deserve. Mud.

All the Best—

Thoughts from the edge...

****

I doubt it will do much but it is time - I am no longer willing to feed the bloated cow...