Despite new Merrill Lynch chief executive John Thain telling staff just weeks ago that he was no longer a Ã¢ÂÂGoldman guyÃ¢ÂÂ, both of the large US investments in the bankÃ¢ÂÂs $6.6bn (Ã¢ÂÂ¬4.5bn) capital-raising announced yesterday were by funds controlled or connected to former Goldman Sachs bankers.

TPG-Axon Capital and The New Jersey Division of Investment each invested million of dollars in Merrill Lynchâs convertible bond issue and are both controlled by ex-Goldman Sachs staff.

Comment: MerrillÃ¢ÂÂs new investors and the Goldman connection

Harry Wilson

Goldman Sachs

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