There has been a lot of noise recently about a January lunch between Bank of America CEO Ken Lewis, and former Merrill Lynch executives Dan Tully (ex-CEO), Launny Steffens (ex-head of private clients), and Winthrop Smith (the son of one of Merrill's founders).

Rumors abound that the three ex-Merrill men explored the possibility of buying Merrill back from Bank of America, and restoring the firm to former glories. But Lewis, it seems, was having none of it, as he remains committed to the acquisition. And Smith recently told Reuters that, although a number of Merrill employees would like to see the firm regain its independence, 'I don't see that as a reality'.

But another former Merrill executive, Bob Marrone, has written to Here Is The City expressing his views and hopes for the future of the firm. Here's what he said:

'As a former Merrill Lynch executive and currently a radio talk show host, I have been able to comment publicly on the demise of this once great company. In addition, I have had the privilege of interviewing Win Smith just prior to the now-famous speech he made at Merrill's last-ever shareholder meeting. Smith's speech was, in some ways, a therapy for the hurt that I, and many other current and former Merrill employees, have endured while watching the spectacle of abjectly selfish, mean spirited and arrogant people destroy what we, and those before us, spent a lifetime building.

Now let me talk a bit about the three former Merrill executives who are thought to have put in a bid to buy-back Merrill from the clutches of Bank of America; Dan Tully, the tough street kid who worked his way up to become CEO, Launny Steffens, for whom I worked early in my career and Winthrop Smith, whose name was effectively on the door, are men of integrity. They fostered a culture of client focus and putting no individual business unit's bottom line ahead of the larger goals of the company's reputation and well being. Concepts such as 'bringing Wall Street to Main Street' and 'the customer's interest must come first' were not merely introduced by the marketing department to mask other ambitions, they were a creed, something routed deep in our belief system. It's sad to see how this all changed by those that came after them.

These three men are at a time in their lives when they can enjoy retirement in unimaginable comfort. Instead, they are now thought willing to breathe life back into 'Mother Merrill'. For these gentlemen, it was never about getting rich - it was about being successful while, at the same time, protecting the legacy and reputation of a very special franchise. I was always proud of where I worked, and of these three individuals when I worked for them. Not too many of my successors could say the same.

So, if these three men ever make a play for Merrill, I would want to be there with them. And I am sure that many more would follow. In any case, I will continue to call on the US government to investigate the fall of Merrill Lynch. How was our beloved firm allowed to take on so much risk that it threatened our country, and destroyed our legacy ? What really happened at Merrill Lynch ? We all have a right to know'.

Bob Marrone hosts the Good Morning Westchester program on WVOX. He spent most of is his career in the corporate sector specialization in training and communications. Before coming to radio, Bob set up and ran training schools and communications functions for such organizations as Merrill Lynch, Thomson Financial and the Securities Industry Association, and remains on the faculties of the Connecticut School of Broadcasting and the New York Institute of Finance.

READER COMMENT

'Great article! I too am a retired Merrill Lynch Vice President, and financial consultant for 46 years. I am also sickened by what happened to our once proud firm. Over 60% of my family's net worth was tied up in MER stock, and we watched it decline from $90 to $3 over the past 3 years. Unbelievable!'.

Goodbye Merrill Lynch - 'Shame, Shame, Shame'

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