No Wonder the Financial Markets Crashed.

The New York Post puts some knuckleheads at Merrill Lynch in the spotlight this morning.  The stock brokerage, taken over by Bank of America during the 2008 financial crisis, gave a faux highflying stockbroker a $780,000 loan his first day on the job.  This was good news for the local Ferrari dealer, where Steven Mandala headed with a big hole burning in his capacious pocket.

The 29 year old proved to be a lackadaisical worker on his busiest days.  He brought in little business and stopped showing up, according to the Post.  He quit by email, telling his bosses to empty out his desk.  Turns out his resume was a lot of highfalutin hooey.  Perhaps I misunderstand what they do at places like Merrill, but isn’t some of each day devoted to sophisticated research and analysis?  Turns out they fell for his fake pay stubs from a previous employer.

“Pudgy broker” Mandala’s facing a formidable menu of charges in New York.  No word on the whereabouts of the Ferrari.