News
Robber Barons of the Big Board (rebranded Greed Index)
A Feature Screenplay by Chandra Niles Folsom […]
Review: Bimonthly Review of Law Books
Bimonthly Review of Law Books September/October 2004 Corporate & Wall Street Ethics By Michael L. Rustad Thomas F. Lambert Jr. Professor of Law Suffolk University Law School. This book is [...]
Merrill Lynch:
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.
Book Reviews
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.
Author Bio
Keith Schooley was involved in the oil business for many years before and after his employment with Merrill Lynch. He holds a B.B.A. from the University of Oklahoma and an M.B.A. from Oklahoma State University.
A life-long resident of Oklahoma with two children, Schooley currently makes his home in Enid.
Quote from Merrill Lynch:The Cost Could Be Fatal —
During that first year of employment with Merrill Lynch, I would often tell my wife I could not believe what I had seen or learned that day. I was amazed, shocked, and disgusted to find myself in an environment that was absolutely in opposition to my own standard of ethics as well as the published standard of ethics Merrill Lynch espoused and required. Furthermore, I found the way Ellis was willing to exploit his subordinates to be lacking in decency. I was growing increasingly disturbed and restless.
However, we had moved to Enid in hopes of regaining financial stability with the Merrill Lynch opportunity. My wife would always urge me not to rock the boat and encourage me surely the situation would get better. I agreed to be patient and hoped she was right.
Unfortunately, the situation did not get better, but continued. I decided it was time to do what I knew I had to, regardless of the consequences. Knowing what I was planning to do was an aggressive move with unpredictable results, I did so without informing Donna. I wanted to do everything my instincts told me to do without interference, and I did not want her to have to deal with the anxiety that would surely follow.
In light of my sense of the place, you would think I would have been quite skeptical regarding the chance things would be put right within the office. However, I truly believed New York senior management would address and satisfy my concerns about all the incidents I had seen over the past several months. That would be a grave miscalculation.
