Merrill Lynch: The Cost Could Be Fatal: My War Against Wall Street's Giant

Merrill Lynch: The Cost Could Be Fatal: My War Against Wall Street's Giant

Merrill Lynch: The Cost Could Be Fatal: My War Against Wall Street's Giant

Merrill Lynch: The Cost Could Be Fatal: My War Against Wall Street's Giant

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Overview

When Keith Schooley took a job with one of the largest, most respected securities firms on Wall Street, he had high hopes for a successful career in finance. He was proud to work for a company of such high integrity as Merrill Lynch. It didn't take long, however, for Schooley to realize Merrill Lynch's well-cultivated reputation was not based on what went on behind the facade. The story follows the chronological events that eventually led him to a courtroom battle with the behemoth firm. It begins with Schooley encountering a number of questionable events within the firm, including cheating on insurance exams. His concerns deepened when he was told, "Don't worry about product knowledge. Just sell." In a daring move, Schooley decides he cannot look the other way and writes a lengthy memo to Merrill Lynch management that details 10 specific incidents of wrongdoing within the company. There were several attempts made by Merrill Lynch to quiet the whistle-blower, which were followed by Schooley's controversial dismissal. The latter part of the book details Schooley's wrongful termination suit, which ends up going to arbitration. Skeptical he would get a fair hearing, Schooley appealed to all regulators possible that might be able to force Merrill Lynch to own up to its actions, including the New York Stock Exchange and the National Association of Securities Dealers. Despite having in his corner legal heavyweight attorney Stephen Jones, who represented Schooley in the initial rounds of his fight, and Professor Michael Rustad, the nation's leading authority on punitive damages who testified on Schooley's behalf, the result of the arbitration is a disappointment. In the end, Schooley paid the ultimate price, not only losing a job but sacrificing his marriage as well. Finding strength in his faith, Schooley exhausted every motion and petition he could file with the courts before presenting his case in the court of public opinion.

Product Details

ISBN-13: 9781543948431
Publisher: BookBaby
Publication date: 05/28/2009
Sold by: Barnes & Noble
Format: eBook
Pages: 305
File size: 700 KB

About the Author

Keith Schooley was involved in the oil business for many years before and after his employment with Merrill Lynch. He holds a B.B.A. from the University of Oklahoma and an M.B.A. from Oklahoma State University. A life-long resident of Oklahoma with two children, Schooley currently makes his home in Enid.

Table of Contents

Forewordxi
Preface: All That Glittersxv
In the Beginningxvi
Chapter 1Keith Schooley1
Chapter 2The Fast Track. The Downward Spiral9
Chapter 3Schooley Declares War25
Chapter 4The First Response29
Chapter 5Round II--Battle of the Board43
Chapter 6Preparing for More War59
Chapter 7Regulators71
Chapter 8Pre-litigation83
Chapter 9NYSE Arbitration107
The Hearing Begins: Show Time118
Opening Statements: Bruce Day Does a Number122
Keith Schooley: The Earth Will Shake127
Barry Clark: Thomas Says Schooley Is a Cancer156
Schooley Continues: There Will Be No Violence163
Gary Champion: I Can Guarantee You167
Lisa Brainard: Mistaken Identity171
Bill Hall: Cheat Sheets Absolutely Existed172
Brent Barton: It Was Starting to Look Like Watergate181
Ellis Edwards: Merrill Lynch Needs to Terminate Some People190
Helmuth Meditz: Why the Memo? You Had to Know It Would Go All the Way to Senior Management192
Barry Mandel: I Don't Know if I Could Work in an Office Where My Manager Is Threatening to Sue Me203
Jack Thomas: I Was Going to Sue Schooley for Anything I Could210
Professor Michael Rustad: A Multiplicity of Smoking Guns219
Alan Rockler: I'm Getting Confused--This Has Gone On for So Long224
Closing Arguments: An Extremely Unusual Case228
Chapter 10Litany of Litigation243
Chapter 11The Final Bid261
Chapter 12Court of Public Opinion267
Acknowledgments273
Index275
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