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Essay / Research Paper Abstract
This 3 page paper looks at problems the company faced during the 2000s. Public relations is discussed. Bibliography lists 3 sources.
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3 pages (~225 words per page)
File: RT13_SA816ML.rtf
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Merrill Lynch of fraud and this created a public relations nightmare for the company (Hearit & Brown, 2004). What happened was that damaging email had been uncovered suggesting that the
stocks they were selling were less than stellar (Hearit & Brown, 2004). In other words, the firms employees knew they were selling stock that would not do well. Merrill Lynch
did employ certain public relations tactics at the time to try to get its reputation back (Hearit & Brown, 2004). In general however, it is also the case that firms
are reluctant to take responsibility for any wrongdoing due to liability issues (Hearit & Brown, 2004). If in fact firms like Merrill Lynch cannot send representatives to the podium
to apologize-that would make it worse for investors-they can still engage in myriad public relations tactics. In general, public relations for firms are more important than ever. According to authors
Al and Laura Ries, public relations are now a good way to build a brand (Lautenslager, 2008). Effectively, brands like PlayStation and Harry Potter have spent very little on advertising
(Lautenslager, 2008). Rather, many firms have built their brands with the use of pubic relations tactics. Sometimes, this involves going green, or donating to a good cause. A CEO may
want to be in the spotlight for some notable achievement. Each of these public relations tactics generally pays off. In the case of Merrill Lynch, the company did endure
a PR problem years ago, but its problems remain. It currently has issues that can be noted as having implications on a societal and corporate level. That is, if Merrills
stocks are not really good, it would be hard-pressed to do well. This hurts their investors and their clients. It hurts society at large as well because the stock market
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