By 2008 it is possible that no management action could have saved Merrill Lynch. Had you been CEO of the firm in early 2006, which of the following are changes you would consider to help improve the financial performance of the firm? Note on hindsight: you are allowed to "peek", that is, assume you could have known then what you know now.

1. Cut share repurchase

2. Increase dividend payments'

3. Start selling off CDOs sooner

4. Try to reduce long term borrowing

5. invest in more CDOs