(The New York Times)
Merrill Lynch was founded in 1914 and heralded the idea that everyone, not just the rich, should invest in the financial markets. That stance made Merrill not only one of the pillars of Wall Street, but a reputation as the stockbroker for Main Street as well. It survived wars and the Great Depression, but succumbed as an independent company to the mortgage meltdown that began in mid-2007. On Sept. 14, 2008, Merrill announced that it had agreed to be purchased by the Bank of America, rather than run the risk of being pulled under by turmoil surrounding the industry, as Bear Stearns and Lehman Brothers had been.
Merrill's logo -- a bull -- had long symbolized the fundamental optimism of Wall Street, and its leaders had often been viewed as spokesman for the entire industry.
In recent years, Merrill had grown to be really two companies. One is a thriving wealth management company with $1.8 trillion of assets that is managed by the firm's army of 16,000 brokers plus a 49 percent interest in Black Rock, a fast growing asset management operation.
