The intimate flyonthe wall tale of the decline and fall of an America icon With one notable exception the firms that make up what we know as Wall Street have always been part of an inbred insular culture that most people only vaguely understand. The exception was Merrill Lynch a firm that revolutionized the stock market by bringing Wall Street to Main Street setting up offices in farflung cities and towns long ignored by the giants of finance. With its thundering herd of financial advisers perhaps no other business whether in financial services or elsewhere so epitomized the American spirit. Merrill Lynch was not only bullish on America it was a big reason why so many average Americans were able to grow wealthy by investing in the stock market. Merrill Lynch was an icon. Its sudden decline collapse and sale to Bank of America was a shock. How did it happen Why did it happen And what does this story of greed hubris and incompetence tell us about the culture of Wall Street that continues to this day even though it came close to destroying the American economy A culture in which the CEO of a firm losing 28 billion pushes hard to be paid a 25 million bonus. A culture in which two Merrill Lynch executives are guaranteed bonuses of 30 million and 40 million for four months work even while the firm is struggling to reduce its losses by firing thousands of employees. Based on unparalleled sources at both Merrill Lynch and Bank of America Greg Farrells Crash of the Titans is a Shakespearean saga of three flawed masters of the universe. E. Stanley ONeal whose inspiring rise from the segregated South to the corner office of Merrill Lynchwhere he engineered a successful turnaroundwas undone by his belief that a smoothtalking salesman could handle one of the most difficult jobs on Wall Street. Because he enjoyed ONeals support this executive was allowed to build up an astonishing 30 billion position in CDOs on the firms balance sheet at a time when all other Wall Street firms we