Merrill Lynch approved by BOS just in time

How sweet it is. Former barred Bond Underwriter Merrill Lynch was just authorized to do business with Orange County after the long lock out due to their participation in the Orange County Bankruptcy.

Bloomberg just covered that story and included some rough numbers. If Merrill Lynch is selected to handle Bonds they will earn approximately $5.46 for every $1,000. No big deal.

Oh, but wait a minute. Didn’t we just approve Measure M to the tune of $11.86 billion dollars?
Let’s see. Their fees for $one billion dollars worth of Bonds would be $5,460,000. Not exactly chump change. How much is 12 times five and a half million dollars anyway?
Just thought we could have some fun with current events.

About Larry Gilbert