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Bank of America Acquires Culture of Corruption in Merrill Lynch Purchase

ENID, Okla., October 21, 2008
Keith Schooley, a former star financial consultant with Merrill Lynch, warns Bank of America CEO Kenneth Lewis that he may soon experience buyer's remorse over his acquisition of Wall Street's fallen idol.

"I spoke out publicly last November in response to Merrill Lynch's involvement in the nation's sub-prime mortgage crisis and predicted, when no others did, that the firm was on the verge of almost certain collapse," says Schooley, whose pioneering 2002 book Merrill Lynch: The Cost Could Be Fatal – My War Against Wall Street's Giant is nearing completion of translation for the Asian market, where Wall Street bailouts have become commonplace in recent years.

As the list of failed US banks continues to grow, Schooley wonders why Bank of America would risk weakening its position in the fragile industry by merging with a company with a history of improper and unethical behavior.

"It did not take long for me to learn that profits and power trumped ethics and morality at Merrill," says Schooley. "The ultimate impact on clients and shareholders seemed to be largely irrelevant. Sadly, this attitude at Merrill Lynch has proven to be extraordinarily costly to so many doing business with the firm and, ironically, now to the firm itself."

The BofA deal is not expected to become finalized until sometime during the first quarter of 2009 and Schooley, who first exposed corruption and unethical practices at Merrill during the 1990s, believes there is still time for Lewis to withdraw the offer.

"Merrill Lynch's rescue from certain collapse may be good news for the troubled firm, but I think it's a red flag for shareholders and employees of Bank of America," says Schooley.

This delay in the merger, which must also be approved by regulators and shareholders before any deal can be sealed, may provide enough wiggle room for Lewis to back out and save his company from integration into Merrill Lynch's tainted culture.

Furthermore, with the Federal bank bailout just completed, BofA may want to instead concentrate on keeping its own good name intact.

"Merrill Lynch has sullied its reputation as a result of numerous scandals—despite second and third chances it was given to clean up its act," warns Schooley. "I wouldn't advise BofA to give Merrill a fourth chance at its own expense. The firm's corrupt culture was tolerated by its senior management and board and making it a part of Bank of America may eventually sink what will soon be, at least temporarily, the ‘leading financial institution in the world.'"

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Former Merrill Star Player Warns of Company Collapse

ENID, OKLAHOMA, November 8th, 2007
Keith Schooley, author of the critically-acclaimed book Merrill Lynch: The Cost Could Be Fatal - My War Against Wall Street's Giant (Lakepointe Publishing) and former star financial consultant with the brokerage firm, warns that corrupt conditions, similar to those created by Enron's top management, are now emerging at Merrill Lynch.

Last week, shares of Merrill Lynch plunged 11.4% to $55.10 upon reports that the firm had suffered one of the largest Wall Street losses in history. The $7.9 billion write-down, resulting from its mortgage-related trouble, came after projecting a few weeks earlier that the write-down would be $4.5 billion.

Within days, the firm ousted Chief Executive Stan O'Neal.

"Merrill Lynch must do more than simply change the window dressing at the top and the board of directors needs to look in the mirror for their own failures and really clean house in order to escape almost certain collapse," said Schooley.

In mid-July, Merrill reported better-than-expected earnings with little impact from exposure to mortgage-backed securities. Two weeks later, O'Neal personally sent an email to Merrill employees assuring them the firm had such risks well in hand, according to the Wall Street Journal. The infamous collapse of Enron involved attempts by top executives to hide problems through off-balance-sheet transactions.

At the end of September, the firm reported reducing its involvement with risky securities, such as sub-prime mortgages, to $20.9 billion — half of the $40.9 billion it quoted in June. Yet, write-downs for that cycle revealed an $11 billion gap.

The question now being asked by investigators is whether there was an attempt by Merrill Lynch to cover up failures through private transactions hidden from investors. Merrill has issued an official non-denial denial to the charges, saying: "We have no reason to believe that any such inappropriate transactions occurred."

The SEC is specifically questioning whether Merrill brass engaged in deals with hedge funds meant to postpone disclosure of its losses, taking as much as $5 billion in mortgage-related securities off its books.

In 2002, former New York State Attorney General Eliot Spitzer (now NY Governor) revealed that the firm's analysts had intentionally deceived clients, with the number of investors hurt by their deception ranging in the hundreds of thousands if not millions. While Merrill Lynch agreed to enact a series of industry reforms, pay out fines ranging in the hundreds of millions of dollars and settle dozens of class action lawsuits, as late as January 2007 company brokers were still being convicted of fraud.

Schooley's book, slated presently for international release, cites the company's widespread cheating scandal, senior management and board cover-ups as an example of their failures — past, present, and, likely, future — which go to the heart of Wall Street's concerns.

"The new SEC investigation is likely the result of the dishonest culture allowed by senior management and the board," said Schooley. "The failure to appropriately clean house at the highest levels and change the culture places shareholders and clients at risk. Bottom line — without making these critical changes, the ship may just sink."

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Wall Street Corruption Book Slated For International Distribution

New York, 04/04/07
Keith Schooley, a former star financial consultant with Merrill Lynch, has signed a contract with a major publishing house for the translation and international distribution of his groundbreaking book Merrill Lynch: The Cost Could Be Fatal – My War Against Wall Street's Giant (2002, Lakepointe Publishing). This expose′ of corruption and conspiracy on Wall Street strikes at America's very foundation.

According to the author, publication details will not be announced prior to distribution, due to past coercion by the brokerage house whose unethical practices were exposed by Schooley in a book that set the stage for Merrill Lynch's downfall from grace. His manuscript, too explosive for even Lloyd's of London, provides a detailed account of his struggle to expose internal misconduct and cover-ups at the firm.

Although Schooley's relentless courtroom battles have not yet rewarded him with justice, a subsequent inquiry pursued by former New York State Attorney General Eliot Spitzer (now NY Governor) revealed Merrill Lynch analysts had intentionally deceived clients and that the number of investors hurt by their deception could range in the hundreds of thousands if not millions. The upshot of Spitzer's probe ranked Merrill Lynch on Russell Mokhiber's (Corporate Crime Reporter) The 10 Worst Corporations of 2003.

While Merrill Lynch agreed to enact a series of industry reforms, pay out fines ranging in the hundreds of millions of dollars and settle dozens of class action lawsuits, as late as January 2007 company employees were still being convicted of fraud.

Schooley believes that the corporate boards of directors involved in virtually all other major scandals of recent years have plausible deniability, but not so at Merrill Lynch. In fact, after two senior management cover-ups, Schooley brought the widespread wrongdoing directly to the attention of the firm's directors and affirms that had the board heeded his warnings, perhaps many of Merrill Lynch's clients would not have been duped in the numerous scandals which followed.

Today, Schooley's uncompromising volume can be found in university libraries across the United States including at Princeton, the University of Chicago, the University of California at Berkeley, and in law libraries nationwide. Additionally, Schooley has been profiled in Bimonthly Review of Law Books as well as in Ethikos and Corporate Conduct Quarterly and in numerous other publications.

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Merrill Lynch's Silence is Tantamount to Admission of ‘Guilt'

ENID, Okla., 06/10/03
The one-year statute of limitations for a defamation action by Merrill Lynch against author, Keith Schooley, has run. In his book, Merrill Lynch: The Cost Could Be Fatal–My War Against Wall Street's Giant (2002, Lakepointe Publishing, 282 pp.), Schooley alleges wrongdoing at Merrill Lynch ranging from brokers to senior management, including two cover-ups of a widespread cheating scandal. He also alleges that the firm employed deceptive practices during a judicial proceeding; made misrepresentations to regulators; and has a corrupt corporate culture.

"Merrill Lynch's silence concerning my allegations is, in my opinion, tantamount to an admission of ‘guilt'," Schooley says. "Why else would a company that people are supposed to trust with their money not defend the reputation of its franchise name?"

Schooley recently sent a letter to the SEC urging it to examine what he believes is the clear failure of Merrill Lynch's outside directors to appropriately respond to his warning that they had been deceived by the firm's senior management and/or inside directors concerning alleged wrongdoing.

"I understand that the SEC's stated policy is to take action against outside directors who seriously neglected their duties," Schooley wrote. "While the underlying wrongdoing that I reported may not be on the scale of Enron, nevertheless, it is disturbing. The question remains – at what point do you hold the directors responsible? Is it only after an Enron-like debacle, or prior to?"

Schooley's book has generated controversy. Nationally known publishing legal guru, Ivan Hoffman, a Los Angeles attorney, advised Schooley prior to publication not to go forward with the book because he would likely be a defendant in lawsuits in multiple jurisdictions. All primary underwriters of media perils insurance declined to provide coverage for the book. Famed Oklahoma attorney, Stephen Jones, has called the book dangerous because it "names names, takes no prisoners, and is explosive." And, a publicized booksigning event was recently cancelled because of pressure brought to bear by Merrill Lynch employees.

As to Merrill Lynch's behavior and silence, Schooley says, "Corporate integrity, or the lack thereof, flows from the top down. As they say, ‘The cover-up is worse than the crime.' Frankly, the disinfectant of sunlight seems to make these guys run for cover."

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Merrill Lynch Has Failed to Answer Allegations. Time is Running Out.

ENID, Okla., 05/14/03
Lloyd's of London would not insure it for media perils exposure. Famed Oklahoma attorney, Stephen Jones, has called it dangerous because it "names names, takes no prisoners, and is explosive." And a publicized booksigning event was recently cancelled at a bookstore in Tulsa because of pressure brought to bear by Merrill Lynch employees. Keith Schooley's controversial book, Merrill Lynch: The Cost Could Be Fatal - My War Against Wall Street's Giant (2002, Lakepointe Publishing) is at the center of this storm.

In late May of last year, Schooley sent each of Merrill Lynch's 11 directors a copy of his book. Now, almost a year later, the statute of limitations for a defamation action is about to expire. Schooley has not heard from Merrill Lynch, even though his controversial book has received national attention. He has been featured in an author interview in Bimonthly Review of Law Books and interviewed by the Chicago Tribune.

Schooley alleges in his book and recent press releases that Merrill Lynch has a corrupt corporate culture that has allowed for: two senior management cover-ups of a widespread cheating scandal; conspiracies; misrepresentations to regulators; and, in a judicial proceeding, the failure to disclose important documents during discovery, the producing of witnesses who gave false testimony, and an attorney who had difficulty with the truth. Furthermore, Schooley believes that Merrill Lynch's board of directors has failed to take appropriate action concerning the senior management cover-ups. He has called for the removal of certain members of senior management and directors.

Schooley believes that Merrill Lynch has an obligation to its clients and shareholders to respond to his allegations. He finds it curious that the firm has neither addressed nor denied his charges. "Maybe that is because they know I speak the truth and hope everything will just go away," Schooley says. "Frankly, this is a company that people are supposed to trust with their money. I think it is time for Merrill Lynch to come clean."

Bookstore Signing Cancelled under Pressure from Merrill Lynch

TULSA, Okla., 03/05/03
A well-known Tulsa bookstore called off a scheduled book-signing by whistle-blowing author Keith Schooley, as a result of pressure from the company whose practices were exposed by Schooley, Merrill Lynch.

Schooley's book, Merrill Lynch: The Cost Could Be Fatal (2002, Lakepointe Publishing) charges the Wall Street giant with a corrupt corporate culture that stretches back more than a decade, when he worked for the firm as a financial consultant.

Today, Schooley revealed that a book-signing, scheduled in late February at Steve's Books and Magazines in Tulsa, was abruptly cancelled. Schooley says he was told by the owner, Steve Stephenson, that he had received "too much static" from employees of Merrill Lynch, including two brokers and their supervisor at a local Oklahoma branch.

Schooley, who lives in nearby Enid, Okla., said he was extremely disappointed by the cancellation at the highly regarded local bookstore. "I don't blame the bookstore," he commented. "A bookstore owner has a right to decide whether or not to welcome any author. But I find it very troubling when a major, wealthy corporation uses its power and resources to silence its critics in this manner."

He said he will continue to publicize the book in any way he can, including signings at bookstores that are willing to stand up to the pressure from Merrill Lynch. He added that he is consulting with his attorney to determine his legal options if Merrill Lynch continues to exercise its economic muscle to suppress the book at bookstores.

Merrill Lynch Executives and Directors Need to Go Says Whistle-Blowing Former Employee

ENID, OKLAHOMA, 10/07/02
A former employee of Merrill Lynch says a major shake-up of the company is needed if it is to avoid losing the confidence of shareholders and clients.

Keith Schooley, author of a new book that blows the whistle on what he calls an unethical corporate culture within Merrill Lynch, notes that the company has been accused of improprieties in several recent financial scandals, including one last May that ended in a $100 million settlement with New York Attorney General Eliot Spitzer.

"The reports of wrongdoing keep coming, and I'd bet they won't slow down because dishonesty seems ingrained in the way business is done at Merrill Lynch," Schooley alleges. "I believe a good number of senior executives and directors of the firm need to step aside for their failure to responsibly act. In light of the recent spate of scandals at Enron, Arthur Andersen, WorldCom, Adelphia, and others, shareholders and clients now demand integrity at the highest levels."

Schooley's book, Merrill Lynch: The Cost Could Be Fatal (Lakepointe Publishing, 282 pp, hardcover, $27.95), exposes a litany of wrongdoing, including a widespread cheating scandal that was twice covered up by senior management of the largest firm on Wall Street. It recounts the author's almost ten-year war with the firm in an effort to establish truth and justice. The book shows how the "powerful and mighty" play the game inside and outside of a court of law.

Schooley says he is well aware of the risks of taking on the giant corporation, a point driven home when Lloyd's of London declined a request to insure his book. Stephen Jones, the famed Oklahoma lawyer who represented Schooley early in the conflict, has called the book dangerous because it "names names, takes no prisoners, and is explosive."

Former Employee Alleges Merrill Lynch Misdeeds

ENID, OKLAHOMA, 05/14/02
A former employee of Merrill Lynch, Keith Schooley, said today he is not surprised by recent allegations of conflicts of interest in the company's advice to investors. According to Schooley, the company had a business climate that led to dishonest practices at least as long as ten years ago.

Schooley's forthcoming book, Merrill Lynch: The Cost Could be Fatal (Lakepointe Publishing, 282 pp. hardcover, $27.95) exposes wrongdoing - including cheating and cover-ups - involving the company that thrives on its reputation as "the broker of Main Street, not Wall Street." The book, ten years in the making, is scheduled for release in August, but the publisher has rushed advance copies into print because of the recent headlines involving the company.

Schooley began working in Merrill Lynch's office in Enid, OK a decade ago, eager to embark on a career with the huge, widely respected company. Almost immediately, he says, he was dismayed by a pattern of unethical activities, ranging from cheating on insurance exams to misuse of a proprietary mailing list, misrepresentations in a company-wide new-accounts competition, and falsification of expense reports.

Buoyed by an official company policy that not only encourages but theoretically requires employees to report improper behavior, Schooley informed Merrill Lynch's New York office about the questionable events, expecting that corrective action would be taken. Instead, efforts were made to keep him quiet, and management denial and cover-ups became more entrenched as the complaints were taken to new levels.

The book recounts in detail the David vs. Goliath battle between Schooley and Merrill Lynch over a period of years. What started as a promising court challenge was forced to proceed as binding arbitration, a contest in which the company held all the cards. The famed lawyer Stephen Jones, who represented Schooley in the early stages, comments in the book that "Keith's experiences set forth dramatically everything that is wrong, unwise and indeed unhealthy and unfair, about arbitration proceedings."

This is a behind-the-scenes account that will raise new concerns among Americans who trust Merrill Lynch with their investments. The book should be widely available in bookstores in August. Those wishing to purchase advance copies may do so by telephone, 1-800-247-6553, or on the Web at www.TheCostCouldBeFatal.com.

Wall Street Facade Revealed

ENID, OKLAHOMA, 05/10/02
When financial consultant 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. 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.

Merrill Lynch: The Cost Could Be Fatal—My War Against Wall Street's Giant is Schooley's detailed account of the disturbing incidents that eventually led him to a courtroom battle with the behemoth firm.

The story follows the chronological events of his experience, beginning with Schooley's background and employment at Merrill Lynch. Schooley encountered a number of questionable events within the firm, including cheating on insurance exams. When Schooley approached his manager on how he was representing certain securities to his clients, the manager's superior soon intervened: "He pulled a chair up to my desk, put his face within inches of mine and reprimanding me, said, 'Don't worry about product knowledge. Just sell.'"

Disappointed in this less-than-honest attitude and armed with new information regarding misrepresentation of broker contest results, Schooley made several "anonymous" phone calls to the company hotline. But rather than offer him protection, those Schooley spoke to in confidence reported his calls directly to his bosses. Realizing his concerns were not being taken seriously, Schooley wrote a memorandum to Merrill Lynch management and then a lengthy letter to board members.

"I had bought the image Merrill Lynch had sold me, and millions of others. I fell for it hook, line, and sinker," Schooley confesses. "This story needs to be heard. If you buy into Merrill Lynch's public campaign about the importance it puts on integrity and that the client comes first, well, you are sorely mistaken. I know this from my own experience."

There were several attempts made by Merrill Lynch to quiet the whistle-blower, which were followed by Schooley's controversial dismissal. The ensuing litigation had shocking results that didn't bring the resolution Schooley craved.

The author hopes this book will provide valuable insight to investors, members of the financial and insurance communities, as well as to anyone in the field of employment law and human resources. He hopes too this story will inspire those with a strong sense of perseverance and a belief in standing up for what he or she believes in.

"I am not a bitter person looking to profit from revealing this story," Schooley says. "I am just a man of conviction and principle who feels compelled to do whatever it takes to see that things are put right."

Says well-known Oklahoma attorney Stephen Jones: "Merrill Lynch is 'every man's broker.' Its reputation has, for the most part, been favorable, and it is the broker of Main Street, not Wall Street. Keith's story, however, sheds an entirely different light on what occurred and may offer an entirely different explanation for Merrill Lynch's success.... Keith's experiences set forth dramatically everything that is wrong, unwise, and indeed unhealthy and unfair, about arbitration proceedings."

Merrill Lynch: The Cost Could Be Fatal is an impressive chronicle of one man's fierce determination to stand up for what he believes is right. It can be purchased in bookstores , online at order@bookmaster.com, or by sending $27.95 (plus $4.95 shipping and handling; Oklahoma residents add $2.33 and Ohio residents add $1.75 sales tax per book) to BookMasters, Inc., P.O. Box 388, Ashland, OH 44805. Call credit card orders to: (800) 247-6553.