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Financial markets. A collateralized debt obligation (CDO) is a type of structured asset-backed security (ABS). [1] Originally developed as instruments for the corporate debt markets, after 2002 CDOs became vehicles for refinancing mortgage-backed securities (MBS). [2][3] Like other private label securities backed by assets, a CDO can be thought ...
Merrill Lynch & Co., formally Merrill Lynch, Pierce, Fenner & Smith Incorporated, was a publicly-traded American investment bank that existed independently from 1914 until January 2009 before being acquired by Bank of America and rolled into BofA Securities. The firm engaged in prime brokerage and broker-dealer activities and was headquartered ...
The company was founded on January 6, 1914, when Charles E. Merrill opened Charles E. Merrill & Co. for business at 7 Wall Street in New York City. [11] A few months later, Merrill's friend, Edmund C. Lynch, joined him, and in 1915 the name was officially changed to Merrill, Lynch & Co. [12] At that time, the firm's name included a comma between Merrill and Lynch, which was dropped in 1938. [13]
Rating agencies lowered the credit ratings on $1.9 trillion in mortgage backed securities from the third fiscal quarter (1 July—30 September) of 2007 to the second quarter (1 April–30 June) of 2008. One institution, Merrill Lynch, sold more than $30 billion of collateralized debt obligations for 22 cents on the dollar in late July 2008.
Stanley O'Neal. Earnest Stanley O'Neal (born October 7, 1951 [2]) is an American business executive who was formerly chairman and chief executive of Merrill Lynch having served in numerous senior management positions at the company prior to this appointment. O'Neal was criticized for his performance during his tenure as chief executive at ...
CDOs are viewed as complex and opaque financial instruments. An example of a synthetic CDO is Abacus 2007-AC1, which is the subject of the civil suit for fraud brought by the SEC against Goldman Sachs in April 2010. [33] Abacus is a synthetic CDO consisting of credit default swaps referencing a variety of mortgage-backed securities.
This includes your checking account number and your bank’s routing number, both important for direct deposit payments. Why You Need Your Routing Number and Account Number.
Financial institutions issued $2.5 trillion in RMBS and $1.4 trillion in CDO securities. They created large trading desks that dealt strictly in RMBS and CDO securities. More alarmingly, their trading desks began to take out insurance policies against the RMBS and CDO securities, allowing them to wager on the fall in value of their own asset.