The child rape scandal blowing up college sports has made its way to Wall Street, reports Reuters.
326 graduates of Penn State currently work at Merrill, including the head of retirement services.
“‘I’m still struggling with it,’ said one Northeast U.S. Merrill adviser, one of several brokers who said they were not authorised by the firm to speak on the matter. Another broker said he has had to field questions about the scandal from clients and colleagues.”
The connection can be traced back to William Schreyer, Penn State class of 1948, who was Merrill CEO for almost a decade in mid ’80s and ’90s. The honours college at Penn State is named after him.
The late Schreyer had a strong bond with Joe Paterno, the football coach-deity who was just fired from the university in disgrace. Schreyer also recruited heavily for Merrill from Penn football, the article reports.
Merrill continues to draw strongly from State College graduates, especially those involved with the Nittany Lion Fund LLC, a student-run fund.
Of course, the scandal hit hardest on campus. Don’t miss our slideshow of what’s really happening in State College.