Bankruptcy

Merrill Muzzles Blog

By mcbride

Merrill?s former chief economist, David Rosenberg, had some very negative comments about the much touted ?turn around? calling it the stuff of fairy tales.  Some of his comments were published on a blog, causing his former employer to work hard to remove those posts! Here is a quote from an article about that effort:

?Rosenberg’s reports are different than those of the typical investment bank economist. The bearish, even cynical reports issued from his desk have been serving as a rallying cry for financial bloggers who don’t believe that the economy is recovering as fast as financial cable networks, the mainstream media, the Obama administration, and, indeed, the investment banks themselves seem to suggest. ?I would imagine that they would not be too happy with this kind of stuff floating around, especially the fact that he got more bearish towards the end of his tenure,? said Durden.

Rosenberg’s reports are known for gems like this one: ?We don’t really share the view that the recovery, if and when it comes, will be sustained. We understand the historical record that even in the face of monumental fiscal and monetary easing, it takes a good four years for the economy to work through the aftershocks of a collapse in credit and asset values. While most economists are now waving the pom-poms, we find very few marketmakers who share their enthusiasm.??  The offending posts were removed!

Here is a link http://www.thebigmoney.com/blogs/sausage/2009/05/12/merrill-tries-muzzle-blog

Michael

Full post as published by Texas Lawyer Blog on May 14, 2009 (boomark / email).