Full Accounting

FULL ACCOUNTING….Merrill Lynch was widely expected to appoint BlackRock CEO Larry Fink as its new chief after Stanley O’Neal left the company earlier this month. Instead they chose NYSE CEO John Thain. CNBC’s Charlie Gasparino explains what happened:

CNBC has learned that Fink said he would take the job but only if Merrill did a full accounting of its subprime exposure. At that point, Merrill, which owns 49% of BlackRock, moved in a different direction and decided to go with Thain instead.

Translation: Keep your hands on your wallet. (Via Barry Ritholtz.)