Largest losses for Merill Lynch & Citigroup since their founding

CGowen

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Sat Jan-19-08 02:22 PM
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Largest losses for Merill Lynch & Citigroup since their founding

Edited on Sat Jan-19-08 02:24 PM by CGowen

Merrill Lynch Posts Steep 4Q Loss

NEW YORK (AP) � John Thain, presiding over his first set of earnings on Thursday as the new leader of Merrill Lynch & Co., cleared the decks with some $15 billion of subprime mortgage related write-downs that led to the largest quarterly loss since the brokerage was founded 94 years ago.

And, while it was among the most aggressive moves on Wall Street to deal with bad bets on subprime mortgages, Thain's still not ready to say the worst of the credit crisis is over.
....

Merrill Lynch joins rival Wall Street investment houses Morgan Stanley and Bear Stearns Cos. in posting losses in the last three months of fiscal 2007. Citigroup Inc., the nation's largest bank, reported on Tuesday a quarterly loss of almost $10 billion, the largest in its 196-year history.

...

http://ap.google.com/article/ALeqM5jkDLwvbI6GlfkFFoL33NZ7iEMo8AD8U7STR85

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Fresh_Start

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Sat Jan-19-08 02:24 PM
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1. predict government bailout on its way.....

the government has saved Citi from its selfmade disasters before

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fascisthunter

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Sat Jan-19-08 02:27 PM
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2. How WIll the Government Bail Them Out?

by borrowing from China, Saudi Arabia, etc? Conservative economics are just wonderful.... :puke:

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