Free Money

Obviously all of those irresponsible homeowners need to be put out on the street, because we need the masters of the universe.

Once crisis goes nova in Sept. 2008, two Merrill Lynch facilities start borrowing everything they can from the Fed. They're called "Merrill Lynch Government Securities Inc." and "Merrill Lynch Government Securities Inc. -- London"

So far as I can tell, the distinction between London and the U.S. is just an excuse for Merrill to take double advantage of the Fed's bailout facilities. Both borrow every single day once the crisis sets in, and both pledge loads of junk bonds as collateral.