Revolutionizing the financial world

In 1939, Charles E. Merrill and Winthrop H. Smith came up with a radical idea for investing: democratize the stock marketing and bring "Wall Street to Main Street". Together they created a company that would earn the trust of small investors by putting their client's interest first. To achieve this they set down a series of guidelines for employees that came to be known as the Principles. While the rest of Wall Street scoffed, Merrill and Smith put their idea into action. Merrill Lynch expanded capital markets and fueled the growth of the American economy after World War II.

In 1974, Smith's son, Winthrop H. Smith Jr, came to work for the company that his late father had co-led for 21 years, starting in the "bull pen" as an entry-level investment banking associate. He rose steadily, working not only in investment banking but also in marketing, human resources, finance, and sales management. But in 2001, Smith Jr. chose to end his successful Wall Street career in the 28th year for one simple compelling reason. He believed that the new CEO, E. Stanley O'Neal, did not understand the Principles, nor did he appreciate the nurturing culture and values - known collectively as "Mother Merrill" - that has made the firm one of the most successful and respected companies in the world. Without these in place, Smith Jr. was sure the company would falter.

He was right. Then in 2007, the financial crisis hit and the firm became a victim of greed and the lack of proper oversight by its board of directors.