This is more fallout from the sub-prime mortgage market. Merrill STILL isn't sure if it has taken care of the problem.
Merrill posts $2.3 billion loss
Wed Oct 24, 2007 8:10am EDT
NEW YORK (Reuters) - Merrill Lynch & Co Inc (MER.N: Quote, Profile, Research) on Wednesday reported $7.9 billion in write-downs for the third-quarter as shaky risk management and bad bets on mortgages and leveraged loans for corporate takeovers triggered the company's first loss in six years.
The $7.9 billion write-down was more than the $5.5 billion Merrill forecast earlier this month. After re-examining its positions on collateralized debt obligations, Merrill Lynch used more conservative assumptions for valuing those assets.
Merrill Lynch Chairman and Chief Executive Stan O'Neal cited continued uncertainty in the market for risky subprime mortgages.
"We are working to resolve the remaining impact from our positions," O'Neal said in a statement.
Wednesday, October 24, 2007
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