Flipping through the WSJ tonight, I came across a full-page ad for Merrill Lynch (page A7 in the paper if you’re interested). The ad says this:
In 1915, Charlie Merrill said,
“The interests of our clients always come first.”
Today we make the same
The interests of our clients always come first.
Then, further down the page is this little paragraph:
In our 93-year history we have never lost our true focus that our founder put so succinctly. Our commitment is why our clients have entrusted us with nearly $2 trillion in assets. It’s why more and more people are achieving the life they want to live through their partnership with a Merrill Lynch Financial Advisor. It’s why we are bullish of Merrill Lynch.
Funny how they forgot about the $100 million fine they had to pay in 2002:
It’s important to note that ML never admitted to doing anything wrong. However, it doesn’t take a genius to figure out that they WERE NOT putting their client’s first when they were promoting crap in order to earn underwriting business. That said, I would have a lot more respect for ML if they would have said something like:
I guess that would be expecting too much.