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MERRILL LYNCH: US Sub-Prime Gambling Debts Paid for by Briti

theangloamerican.com — The US sub-prime market is a global event and threatens to undermine tax revenues of governments across the world. Merrill Lynch has run up a $29bn loss from its collateralized debt obligations, which are backed, though not completely, by subprime mortgages. This debt has now been channeled through its UK subsidiary, Merrill Lynch International.

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  • theanglamerican, on 08/22/2008, -0/+0UPDATE : Merrill Lynch pays $162 million in fines to New York city for misleading investors with their auction rate securities. As part of the agreement with Andrew Cuomo, New York’s attorney-general, the bank will buy back the debt instuments - estimated at $10 bn.
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