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This story analyzes Merrill Lynch's many roles as Enron financier in an attempt to answer the question: Were Enron's Wall Street bankers innocent bystanders or part of the problem? The answer: Merrill Lynch was in a position to know how much financial engineering Enron was doing, and may have even abetted the deceptions. The article lays out how Merrill's many roles, and the conflicts-of-interest by the "Merrill 97," may have blinded Merrill to Enron's machinations and led it to violate the trust that clients place in the firm.