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The financial sector was spinning its wheels Monday amid a mixed bag of news after Friday's confluence of share-price recoveries.
Over the weekend, reports emerged regarding the ousting of Merrill Lynch (MER Quote) CEO Stanley O'Neal following massive disclosed writedowns last week that pushed the broker to a stunning third-quarter loss. O'Neal also reportedly angered the company board by calling Wachovia (WB Quote) Chief Kennedy Thomson in order to suggest a merger.
The Wall Street Journal said the resignation would be announced by this morning, while The New York Times earlier reported that the board was united in its decision to push O'Neal out of that position. No official word has yet been issued. ...
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