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A head of the heard

28 October 2007 By Rob Cox

Stan O Neal s blundering approach to Wachovia may have been the last straw for Merrill s board. But the firm s fiasco of thirdquarter losses and continuing large exposure to subprime and CDOs relative to its capital base creates far bigger worries. Concerns about Merrill s financial strength can be calmed by replacing O Neal with an outsider who sports strong fixedincome skills like Larry Fink, Bob Diamond or John Thain.

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