SECURITIES
From Times Staff and Wire Reports
Merrill Lynch Suspends 3 Executives: Merrill Lynch & Co. has suspended three senior executives involved in a $2.9-billion bond transaction under investigation by federal officials. Officials for the securities firm also said an internal audit showed “apparent irregularities” related to transactions with Armacon Securities, a company tied to New Jersey Gov. Jim Florio’s chief of staff, Joseph C. Salema, the New York Times reported. Salema has been subpoenaed in relation to the investigation. Merrill Lynch, the lead underwriter for New Jersey Turnpike Authority bonds, said it told prosecutors in New York about the alleged irregularities in March.
