"I think proactive, aggressive risk management has put us in an exceptionally good position.... We have seen significant reductions in our exposure to lower-rated segments of the market." -- CFO Jeffrey N. Edwards, July 17, 2007
Time to Armageddon: 15 months
After taking more than $30 billion in writedowns, Merrill agreed to be sold to BofA on Sept. 15, 2008. Now under scrutiny by SEC and state AGs from New York and Massachusetts.