BREAKING NEWS FROM THE WSJ:

A prominent former top executive at Merrill Lynch was bullish on Bernard Madoff -- and that has cost him and a number of ex-Merrill executives.

Former Merrill chief executives Daniel Tully and David Komansky, along with former Merrill investment-banking chief Barry Friedberg, personally invested in hedge funds with Madoff exposure run by former Merrill brokerage chief John "Launny" Steffens, according to people familiar with the matter.

Poetic justice, no?