The Cost Could Be Fatal
My War Against Wall Street's Giant
In the true spirit of David and Goliath, rookie financial consultant Keith Schooley takes a stand to expose a corrupt corporate culture at one of the nation's most respected firms.
Battles Over Wall Street Ethics
In an explosive account, Keith Schooley takes on his former employer in a stand to expose internal wrongdoing and cover-ups. In Merrill Lynch: The Cost Could Be Fatal - My War Against Wall Street's Giant, Schooley's initial excitement for a new career in finance with Merrill Lynch is clear.
His enthusiasm is soon overshadowed by blatant wrongdoing in this powerhouse financial firm. In a daring move, Schooley decides he cannot look the other way and writes a lengthy memo to company management. Confident things will be put right, Schooley is shocked at Merrill Lynch's ensuing attempts to keep him quiet. His eventual dismissal and threat of a lawsuit by his boss are followed by further steps to keep him down.
Discover the fascinating details behind:
- What events led to the courtroom and binding arbitration
- Why Schooley's appeals to regulatory agencies were futile
- How Schooley made the ultimate sacrifice, both financially and personally
- The shocking reason behind Schooley's move from the courtroom to the court of public opinion
Merrill Lynch: The Cost Could Be Fatal is a must for all investors; anyone employed in the area of securities, insurance, financial services, employment law, or human resources; as well as anyone with an association with Merrill Lynch. This exposé of corruption and conspiracy on Wall Street strikes at America's very foundation.
This book is a profile in courage… Schooley illustrates the ways the "powerful and mighty" play the game inside and outside of a court of law, including employing unethical and perhaps illegal tactics… [He] documents a pattern of problems at the firm ranging from brokers to senior management, and suggests that the problems could even be traced to the board of directors… This is a book that should be read by not only Merrill Lynch clients, but all investors.
Michael L. Rustad, Editor
Bimonthly Review of Law Books
I really enjoyed the read [of Greed Index]. What a creative take on a topical subject.
Jeffrey Clifford, President
Heyday Films (Harry Potter films)
GREED INDEX is a sprawling, epic piece of screenwriting whose ambition must be admired. The various time periods are passionately-rendered with a great attention to detail, and the script's intelligence and historical relevance elevate it above less affecting fare. The writer deserves commendation for completing what must have been an intense amount of research, which shows in the seemingly authentic portrayal of corporate and bureaucratic activity. The ensemble nature and various plot threads show promise (Bindi's is a personal standout), and Keith is a particularly well-executed personality who helps frame the proceedings. The writer has an affinity for dialogue, which appears here as both colloquial and specific, and the appearance of recognizable, recent history figures adds a further layer of verisimilitude. Setting the script in the recent past proves extra effective in terms of the dramatic irony it inspires, and the mere mention of names such as Enron or BP evoke a sense of dread and relevance that really charges the proceedings.
Whatever its ultimate commercial potential turns out to be, GREED INDEX is still a strong enough narrative to garner some beneficial industry attention, and the screenwriter's continued efforts will prove anything but in vain.
The Black List
Schooley’s tome on the now-fallen brokerage proved one of six U.S. and European books translated and published [by Chinese publisher Shanghai University of Finance and Economics Press] as part of "The World Classics of Investment" series sponsored by China Universal Asset Management Co. Other reprints include The Great Crash 1929 by John Kenneth Galbraith, Understanding Wall Street by Jeffrey B. Little and The Bear Book: Survive and Profit in Ferocious Markets by John Rothchild...
Kirby Lee Davis
The Journal Record
In "Robber Barons of the Big Board," investigative reporter and screenplay writer Chandra Niles Folsom cleverly and entertainingly charts one man’s crusade against Merrill Lynch.... Coincidence or not, the book upon which Ms. Folsom has based her screenplay may have played a part in Merrill Lynch’s demise.... One can only hope that mainstream and Indie film makers…convert into a movie what is a fascinating account of one man’s rage against the machine.
When Schooley notified Merrill Lynch of violations of the ethics code as set down in their own documentation, his findings were hardly received with cries of joy. Rather, a cover-up on the scale of the Watergate break-in resulted…. As far as taking care of the customer, including doing all in the customer's best interest and fully informing a client about the financial products they were investing in, that was not even a consideration. As one supervisor put it "Just sell." Why read this book? The arbitration proceedings, which form a greater part of the book, are interesting to see how these guys operate. The view into a brokerage office will make you think again about the trust and faith you may be putting in your broker.
Amazon #1 Hall of Fame Reviewer
I’ve been following Chandra’s stories for several years. This screenplay brings her best talents into focus – incisive writing combined with great investigative journalism instincts. Highly recommend.
The Lisa Wexler Show
This is the story of David versus Goliath. The war involved a rookie employee and his opponent was one of the very largest, wealthiest, most successful and prominent brokerage houses in the US.... He is the real warrior. But the story is greater than Keith's. The real issue here is whether the American stock-buying public is prepared to continue to…turn a blind eye to the regulatory gaps as well as regulators' shield for securities firms; and whether they can with assurance put their money in the financial institutions. As the global economic growth has taken a hit as a result of the U.S. subprime mortgage crisis, the publication of this book has great and far-reaching significance. Who are responsible for financial bubbles? Can regulators effectively protect the interests of investors? You can find the answers in this book.
Shanghai University of Finance & Economics Press
I rate this book so highly because I think it raises a number of questions which must be addressed by senior-level corporate executives… I think this [book] is a brilliant achievement.
Amazon Top 10 Reviewer
Keith Schooley's…highly-controversial book…has earned its author a great deal of interest. His book takes an investigative look at one of America's largest financial institutions.
Barnes & Noble
Call this author a man with daring…. Schooley's story of his ordeal against Merrill Lynch is impressive in detail. The book fits right in with the current climate in America of rampant corporate scandals.
Keith, a former financial consultant with Merrill Lynch and the hero of the book, had a decade-long courtroom battles with this powerhouse financial firm. Although the relentless battles didn't finally reward Keith with justice, they expose internal wrongdoing and cover-ups in Merrill Lynch, which strikes at potential problems with the financial industry in the US.
Zhang Hui, Investment Director
China Universal Asset Management Co., Ltd.
When Keith Schooley went to work for Merrill Lynch, he had high hopes for a successful career in finance. What he found instead shocked him. In this time of disturbing revelations about many well-known companies, Keith brings us a thrilling and disturbing real-life tale of one of the largest and best known Wall Street entities and the man who saw cheating and deception within its walls and dared to stand up against it.
[This book is] a most worthwhile memoir setting down in exhaustive…detail just how corporate entities maneuver around, over and through problems with corporate ethics while continuing to profess the highest regard for their commitment to them.
Ethikos and Corporate Conduct Quarterly
This book names names, takes no prisoners, and is explosive.
Stephen Jones, Attorney