Merrill Executive Who Saw Risks Before Bankruptcy to Step Down
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Daniel T. Napoli, a Merrill Lynch & Co. executive who warned of Orange County’s risky investments before the county’s 1994 bankruptcy, has been asked to step down following a spate of financial problems at the brokerage, officials said Wednesday.
Napoli, 49, had overseen risks worldwide for Merrill Lynch, the biggest U.S. securities firm, which recently reported its first quarterly loss since 1989 and said it will cut 3,400 jobs. Napoli said his future at Merrill hasn’t been decided.
Napoli warned top Merrill executives to limit sales of risky securities to Orange County.
After filing the largest municipal bankruptcy in history, the county sued Merrill and others to recover its $1.64-billion loss. Merrill settled that and related claims for $437 million without admitting guilt.
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