Clearly reeling from the mole within it's midst that set off an insider trading firestorm of almost biblical proportions (ok, that's a bit dramatic, but we saw the new version of the Ten Commandments the other night, and it just was on our brain), Merrill Lynch has warned it's staff that unethical behavior won't be tolerated.....
In a note to colleagues, Gregory Fleming and Dow Kim, presidents of Merrill's Global Markets and Investment Banking Group, said they were "gravely disappointed" to hear of the charges, and that the bank was "co-operating fully with the government".
They added: "This case appears to involve a single individual at our firm, but it underscores how the actions of any one individual has the potential to damage us all. We are deeply committed to the highest standards of ethical business conduct, and we cannot and will not tolerate behaviour that falls outside these standards."
Merrill has found itself at the heart of one of the largest alleged Wall Street insider trading schemes in decades.
Details of the alleged scheme have been particularly troubling for Merrill, because they involve the disclosure of information about many large M&A deals that the bank was working on....
Merrill Lynch warns staff on ethical behaviour - Financial Times via MSNBC
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