Merrill 'bullish on America' Lynch has agreed to buy back $7 B in bonds.
Okay let's try to connect the dots here. MER gets involved in subprime mortgages.
MER sells these as solid investments to their clients.
Clients hit the roof and courtroom when they discover their investments are not paying off.
MER suffers massive write downs as they initially buy some bonds back.
MER seeks capital
Maria Bartiromo questions John Thain CEO over $30 B sale for 22 cents on the dollar
And the exam question is
would you want these guys running your retirement fund? Just wondered, this is after all why we study accounting and investments
Professor Elam 
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