Merrill CEO to quit

Stan O'Neal, the first black CEO of Merrill Lynch, Pierce, Fenner & Smith Incorporated, a New York-based brokerage firm will soon step down. This is because world's largest brokerage had its largest quarterly loss in history since it was founded over ninety years ago.

His role in getting Merrill to take on more mortgage debt during the global credit collapse may be in part responsible for the current crisis. We will soon see a move away from mortgage backed credit and toward less risky investments.