Accounting watchdog boss joins Merrill Lynch

Former US accounting watchdog head William McDonough has joined investment
bank Merrill Lynch as vice-chairman.

McDonough, former chairman of the Public Company Accounting Oversight Board
and once-president of the Federal Reserve Bank, will serve as a special adviser
to chairman and CEO Stan O’Neal.

‘Bill has earned the respect of the financial markets, US and international
regulators, and the financial services industry, where he has been a legendary
leader for many years,’ said O’Neal.

‘We look forward to the valuable contributions he will make as an advisor to
senior management, and in our business development efforts with governments and
financial institutions around the world.’

McDonough served as the first chairman of the PCAOB from June 2003 until
November 2005. The PCAOB is a government-affiliated oversight body established
as a result of the Sarbanes-Oxley Act that sets standards for accounting firms,
monitors their work and oversees enforcement of applicable laws.