Merrill Lynch Phil, meet Stan

When Stan O’Neal mounted the Merrill Lynch bull a few years ago, his critics fretted he would permanently trash the china shop. That’s because upon becoming boss O’Neal not only sliced away at Merrill’s flab, he cut away businesses that many perceived to be the arms and legs of the investment banking division. And to ensure he could do so without impediment, he cleared his predecessor’s management ranks and treated dissenters with a Stalinist will. Based on the firm’s most recent results, it wo...