Was former Merrill Lynch Co-President Greg Fleming really clueless about the impending fall of his company?
Many accounts paint Greg Fleming as a quiet hero in the downfall of Merrill Lynch. One reader and former Merrill Lynch employee wants to know if he really was – or if he should take more responsibility for what happened at the bank.
He asked that we pass his question along to Greg Farrell, the author of Crash of the Titans.
An excerpt from his question is below:
Fleming was close to the Board of Directors. He touts himself as the smartest man in the room. Six months before the crash he speaks at an UBS conference extolling the brilliance of Stan O’Neal’s strategy and demeans the former leaders of ML. He signs in at every risk meeting. And was co-President and President and STILL claims he didn’t have knowledge of the risk.
He was paid in excess of $30 million to keep his mouth shut. He can not change the story now. He was intregal part of the blow up and should he held accountable.
Farrell disputed our reader’s assumption. He told us that while Fleming should have realised Merrill’s piling on of CDO risk, it technically wasn’t under his supervision.
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