Merrill Lynch and the HCA Deal

How can this be good?  Merrill Lynch has disclosed breathtaking fourth quarter earnings.  A chunk of those earnings came from the HCA buyout.  Merrill got fees from advising HCA pre-buyout, took an $1.5 billion equity stake in the buy-out group, earned $75 million in fees advising the buyout group, and now is underwriting $22 billion in bank loans and junk bonds (with a 7% underwriters fee on the public offerings).  Conflicts of interest are everywhere.  Reminds me of the dealings of Andrew Carnegie in 1870s (held positions in railroads, iron & steel companies, bridge companies, all dealing with each other, and sold bonds in each to boot).