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Merrill Lynch Posts $4.9B Loss
time.com — Merrill Lynch & Co. on Thursday reported a $4.9 billion loss amid massive write-downs from soured mortgage positions and other risky investments, and unveiled plans to raise money by unloading assets.
Burento- 171 diggs
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- macewan, on 07/17/2008, -0/+1You know if the average guy/gal screwed up like this we'd be in jail.
- pak314, on 07/18/2008, -0/+1That is the whole point of forming a corporation.
- pak314, on 07/18/2008, -0/+1That is the whole point of forming a corporation.
- rebelcapitalist, on 07/18/2008, -0/+1Whenever taxpayers seek government assistance there are usually strings attached (rightfully so) but are there any strings attached to all these low interest loans that banks and investment banking firms are getting from the Fed?
- wynja, on 07/18/2008, -0/+1Where's my free money? I get a six hundred dollar check from the government and the banks get billions? I call foul. I demand my pay off.
PS If you want to fix the financial world this is what you do. Any company in bad enough shape to need the Fed to bail them out will forfeit all it's assets to the National Treasury Department. That's right. If we're going to establish corporate socialism, then by God we should give to all the way and just nationalize these poorly run entities. - StingingNettle, on 07/18/2008, -0/+1It makes you wonder what next quarter will bring.
- enh124, on 07/19/2008, -0/+1Merrill is looking terrible. The writedowns keep coming and hey are massive. $50 billion already. Citi has the same.
Here is my list of Merrill Writedowns. Many more to come.
http://www.creditwritedowns.com/2008/05/credit-cri ...
And John Thain is trying to clean this thing up. Stan O'Neal is he man to really blame. He screwed up royally and left with a huge payout.
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