Reviews and Interviews

Garfield County Daily Legal News August 9, 2002 Keith Schooley's new book, Merrill Lynch: The Cost Could Be Fatal, is his story about dashed expectations, ethical lapses, and disillusion. He became David to Merrill Lynch's Goliath. He tells the story in great detail, including the ebbing away of his optimistic expectations - then respect for his superiors and for the company as he did what he believed to be morally and ethically correct. He spent years opposing the company, in court, then in mandatory arbitration. He got little satisfaction in tangible terms. But his story illustrates his nitty-gritty determination and persistence for sure. And it confirms what most of us learn sooner or later: big organizations don't have a conscience or a soul. There is no internal imperative to "do the right thing". So Keith deserves kudos for facing them down....It is an interesting story about a determined individual.

The Justice Journal February 2007 Police Need Citizen Involvement.. By Chandra Niles Folsom ..In 1991, former financial consultant Keith Schooley came forward to report internal misconduct and cover-ups at the brokerage house, Merrill Lynch. "I knew there was some risk involved but I honestly believed the propaganda espoused by senior management—that Merrill Lynch insists on the highest level of integrity," said Schooley, whose wrongful termination lawsuit went all the way to the Oklahoma Supreme Court. "After a period of time, I simply couldn't stand by and continue to witness blatant violations of rules, regulations, and laws that repeatedly placed clients in harm's way, all at a firm that people are supposed to trust with their money. If corporate management knew there were more people out there who are willing to stand up and be counted, things might significantly change for the better."

Oklahoma Gazette March 20, 2003 ...One of CFN's favorite movies is 1999's "The Insider." How fitting that this interesting little tidbit of news would drift our way: a well-known Tulsa bookstore called off a scheduled book signing by whistleblowing author and Enid resident Keith Schooley, as a result, they said, of pressure from the company whose practices were exposed by Schooley, Merrill Lynch. Schooley's book, Merrill Lynch: The Cost Could Be Fatal, charges the Wall Street Giant with a corrupt corporate culture that stretches back more than a decade, when he worked for the firm as a financial consultant.

Foreword Reviews August 15, 2002 Merrill Lynch: The Cost Could Be Fatal By Brian Gilmore Call this author a man with daring. An ex-stockbroker with legendary corporate giant, Merrill Lynch, Schooley took a bold chance in 1992. After witnessing questionable conduct by the management of the Merrill Lynch field office where he was employed in Enid, Oklahoma, Schooley contacted the corporate board of the company hoping they subscribed to the same level of morals and ethics. He "could have ignored the problems" when he witnessed inappropriate activities, kept his job, and went on with his life. But Schooley didn't. His fateful choice resulted in his termination, the loss of his marriage and family, and led to a long, legal fight for Schooley against the company. 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. [...]

Ethikos and Corporate Conduct Quarterly November/December 2002 Taking on "America's Broker" By Loren Singer Merrill Lynch: The Cost Could Be Fatal; by Keith Schooley; 282 pages, Index; Lakepointe Publishing, 2002 In our time it is possible to behead a corporation, as a number of executives have learned. Disregard of the rights of their own shareholders and employees, and of the general public as well brings forth demands not only for restitution, but retribution and in some cases a call for vengeance.... ...[Schooley] writes that he "declared war" on Merrill Lynch after they refused to live up to the terms of their own corporate philosophy as stated in the firm's "Guidelines for Business Conduct" that included such statements as "Improprieties should be reported to whatever level of Management necessary to properly address the situation." Quite single-mindedly, he took the company at its word, certain that the founder Charles Merrill would have wanted it [...]

Registered Rep August 2002 A Little Light Reading By David Gaffen Merrill Lynch: The Cost Could Be Fatal, details Keith Schooley's career at an Oklahoma Merrill Lynch branch, a career that lasted one-seventh the time of his legal battle for a settlement. Schooley was fired after a year at the firm spanning 1991 and 1992, much of which seems given to reporting misdeeds--some large, some not--at the branch. His drawn-out arbitration battle failed, and with legal recourse exhausted, he wrote and self-published this gossipy tome to tell his side of the story. The foreword is written by his initial attorney, Stephen Jones, better known for representing executed bomber, Timothy McVeigh.

Business Times December 2002 When Keith Schooley took a job with one of the largest, most respected securities firms on Wall Street, he had high hopes for a successful career in finance. He was proud to work for a company of such high integrity as Merrill Lynch. It didn't take long, however, for Schooley to realize Merrill Lynch's well-cultivated reputation was not based on what went on behind the facade....

Chicago Tribune August 18, 2002 Tell-tale Risks By T. Shawn Taylor ...Keith Schooley's 13-year marriage didn't survive his whistleblowing activities at Merrill Lynch in 1992. Schooley, a financial consultant on the fast track at the Enid, Okla., office, was fired after he took allegations of cheating and fraud all the way to the board of directors. Schooley said he couldn't stand by and watch unethical behavior. "The only thing I made the mistake on was trusting the company to take appropriate action," he said.

Enid News & Eagle December 9, 2002 What comes around...Allegations against firm appear prophetic By Scott Fitzgerald It's a classic case of David standing up to Goliath. Former Merrill Lynch financial consultant Keith Schooley of Enid, who worked at the now defunct Enid office from 1991-1992, continues to challenge one of the country's most prominent brokerage firms. ...Schooley said his story, told in the first person, is "an indictment of not only Merrill Lynch, but of securities regulations oversight, inherent unfairness of the securities binding arbitration and the impact on investors who are subject to binding arbitration if they have a dispute with their brokerage firm." ...Schooley's story is prophetic of what's happening now in the corporate financial world. Massive corporations are declaring bankruptcy because of financial mismanagement and deception. Chief executives are getting charged with white collar crimes a mile long. Those who serve on boards are getting scrutinized. Do they [...]

Amazon Top 10 Reviewer (Robert Morris) ...Dante reserved the last (and worst) ring in hell for those who, in a moral crisis, preserve their neutrality. According to Schooley, there were many senior-level executives within the Merrill Lynch organization who did so as did officials at various regulatory agencies... ...I rate this book so highly because I think it raises a number of questions which must be addressed by senior-level corporate executives, especially now as other allegations are made by other Schooleys in their respective organization...I think this [book] is a brilliant achievement.