Merrill Lynch Whiz Kid Stole Millions

from the no-controls dept

If you thought that all those Wall Street guys were pulling scams on investors, you might have missed the fact that they were scamming themselves as well. The Washington Post is running a story exposing the 22-year-old that Merrill Lynch hired to run their energy trading business who promptly stole $43 million from the company, part of which he used to fund his father's startup. Basically, it's a story of giving way too much control to someone with basically no experience (though, those looking at the case, say they're amazed he pulled it off without a decade of experience) and had absolutely nothing in the way of controls to make sure he wasn't scamming the company.

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