Merrill Lynch has several adjustable-rate issues outstanding. The largest is Series L, which trades near $8.55 a share, or 34% of last year's original offering price of $25, for a current yield of 11.70%. The dividend resets quarterly at half a percentage point above three-month LIBOR, now about 2%. But the minimum annual dividend rate is 4% of face value of $25, or $1 a share. Other Merrill preferreds with fixed rates carry similar or lower yields. The adjustable-rate issue arguably should yield less than straight preferreds, because its dividend can only go up. ONE FAN OF THE ADJUSTABLE-RATE issue says it could double in the next year if the financial crisis abates. The issue traded in June at $15. Indeed, all Merrill preferreds could trade up once the company's scheduled merger with Bank of America goes forward. The deal has been approved by shareholders of both companies and could close by year end.

The Real Story Wrap: November 21: As is perfectly normal these days on Wall Street, stocks traded in a wide band before surging ahead late in the session Friday, a rally that appeared to coincide with reports that New York Federal Reserve leader Tim Geithner is likely to be nominated as the next secretary of the Treasury.
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From a recent Mad Money show:"Merrill Lynch was a great American company and management destroyed it. They totally wrecked it. And now you can't own it."

Layoffs Are Bad, Right?: Wrong. Debra Borchardt explores why layoffs can be a positive sign in an ailing economy. Click here to watch the video

Not the Blood Bath We Expected:
Debra Borchardt examines the global selloff and how hedge fund forced selling is affecting all markets.

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Secrets of the Bailout:
CNBC's Dylan Ratigan, host of 'Fast Money' and 'Closing Bell', tells TSC's Debra Borchardt why the lack of transparency in the bailout is a big problem.


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Under the plan, the US government would take preferred stock in Bank of America [BAC], Wells Fargo [WFC], Citigroup [C], JPMorgan Chase [JPM], Goldman Sachs [GS], Morgan Stanley [MS] and Bank of New York [BK], State Street [STT] and Merrill Lynch [MER].

The Real Story Wrap: Oct. 9:
Stocks sank precipitously in the final hour of trading Thursday, and tight credit markets and pessimism about the financial sector sent the Dow Jones Industrial Average well below the 9000 mark.

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Cramer: The Real Fed Villains: At least one more Fed guy is to blame beyond Ben Bernanke.

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Cramer: The Real Fed Villains: At least one more Fed guy is to blame beyond Ben Bernanke.
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management

more we dont know about

liar

No transparency

POOR PERFORMANCE

Brokers aren't out of the water yet.

Financial

greed

greedy

Breaking my portfolio