Editor's note: Our new "On the Brink" series will provide daily insight into the financial firms facing capital shortfalls and the growing pressure from short sellers in the market.
Merrill Lynch (MER Quote) looks to be making a significant bet that there is substantial money to be made in the secondary market for mortgages, the eye of the storm in the credit crisis.
Merrill earlier this week -- as TheStreet.com and Bloomberg reported last month -- said it had hired Michael Nierenberg to head global mortgages and securitized products, and James De Mare to oversee mortgage trading.
The two high-profile traders likely do not come cheaply. A recruiter and a trader estimate Nierenberg, who was the last key member of Bear Stearns' fabled bond franchise left at JPMorgan Chase (JPM Quote) following the bank's historic takeover of the failing investment bank, will be paid at least $10 million -- and perhaps twice that. ...
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