Merrill Lynch

“I remember the time we had some ninety-odd billion dollars of free cash. I tell you that because that 90 went to below 10 within a short period of time. Just basically from mark to mark, it's not losses.”

“We ended up at that time owning 49% of BlackRock, and I went on the board, so I had Intimate insight into BlackRock going into the crisis, which was big asset for Merrill Lynch.”

“Because when I was made co-president in 2007, I was the youngest president, I think, in the history of Merrill Lynch.”

“The business that we've grown the most since we bought the firm is more external because that's the model they're used to. So if we hire a team from Merrill Lynch or Morgan Stanley, UBS, JP Morgan, they're used to more of an external manager model.”

“And actually, with hindsight, it's been a spectacular deal for Bank of America, despite some of the challenges up front.”

“I started in investment banking, and then while I was at Merrill Lynch, I worked on a deal called Park Communications. It was an odd communications Broadcasting company that was owned by two entrepreneurs with 100% debt, and we were in the process of refinanci…”

“Merrill Lynch first managed to get their own internal approvals, not just for the equity, but for the debt. Speaking for about a quarter of the debt deals, we decided we needed three more banks to be able to fill out the whole thing. And so then we went to the…”

“It was Bain Capital, KKR, Merrill Lynch, and the Frist family speaking for the equity, but then we also needed to figure out how do we fill out north of twenty billion dollars worth of debt that was going to need to be underwritten for this transaction.”

“United Rentals, we started on Labor Day weekend, like my kitchen table down the street in 1997, and by the second week in December, we were publicly traded on the New York Stock Exchange, and Dan Tully, who was the chairman and CEO of Merrill Lynch at the time…”