KIC Chief: Merrill Lynch Investment Was a Painful Mistake

Posted on 11/24/2014


During the global financial crisis, beleaguered U.S. banks begged for private bailouts, trying to avoid U.S. government money. In 2008, the Korea Investment Corporation (KIC) invested US$ 2 billion in Merrill Lynch. Merrill Lynch issued US$ 6.6 billion in preferred stock to the Korea Investment Corporation, Kuwait Investment Authority and Mizuho Financial Group Inc. Eventually, […]