Merrill's Risk Management Ability in Doubt

The announcement that Merrill Lynch will write down $4.5 billion in COS and another $463 million in leveraged loans has upset the confidence in the firm's ability to manage risk and in its CEO Stanley O'Neal.  Since O'Neal became CEO, the stock price has lagged behind that of its competitors and the broker-dealer index.  NYTimes, Merrill Painfully Learns the Risks of Managing Risk.