[ close ]


Bg1

Spread this message with Digg, Del.icio.us, Reddit, or Stumbleupon, and subscribe to the RSS Feed to track articles

Merrill Lynch Hit Hard, Losses Total $4.9 Billion

Published 07/18/08 Jeff Bennett - Print Article
E-mail - editor@economyincisis.org

Earlier this week it was forecasted banks would announce severe losses when their quarterly reports were made public. Merrill Lynch shocked the public when it declared a larger-than-expected $4.9 billion loss last quarter, according to CNN Money. This is the fourth consecutive quarterly loss for the bank.

The housing and credit problems are destroying bank profits. One California bank was taken over by the government earlier this week, angering and scaring its clients.


Source CNN Money:

Merrill Lynch reported a nearly $5 billion quarterly loss Thursday that surpassed even the worst estimates, hit hard yet again by writedowns across its books.

…

Thursday's results represent the fourth consecutive quarterly loss for Merrill Lynch. In April, it booked a nearly $2 billion first-quarter loss as the mortgage market deteriorated further.

Click here to contact your Representative in Congress.

Unless the above article is already copyrighted, this article is licensed under a Creative Commons Attribution-No Derivative Works 3.0 United States License, EIC grants permission to use this article in whole or in part provided attribution is given, preferably in the form of a link back to EconomyInCrisis.org.

MORE OF TODAY'S NEWS | Comment on this Article | Read Comments


Spread this message with Digg, Del.icio.us, Reddit, or Stumbleupon, and subscribe to the RSS Feed to track articles

Register for newsletter

Bg2

Please Donate to EconomyinCrisis.org today



Please do your part, send a donation of $5, $10, $15 or any amount by PayPal or major credit card.

Bg2

Download our Podcast from iTunes

Itunes

Bg2



Bg2

Follow us on Twitter

Twitter


Download our Podcast from iTunes

Itunes

Bg2

Additional Recommended Articles from the Archives


Bg2

Follow us on Twitter

Twitter

Bg2

Donate Today


Bg2

Comment on this article

Subject

Comment



Bg2

Article Comments From Readers

guest says "Hard Losses" on 03/11/09
Talk about LOSSES, the Dow Jones went from 14,100 something, to what it is is today. The same for S & P as well as Nasdaq lost more than 1/2 of their value.

QUSETION: WHERE DID THE MONEY GO ?
Who or Whom Stole the Money, do we really want to Know?

guest says "Selling oneself" on 12/13/08
That was truly dismaying for Merrill Lynch. However, as a sequel to this issue, recently, one of the many company failures that was looming was that of the investment giant Merrill Lynch, which was sold to Bank of America to avoid bankruptcy. But, is it worthy? Did he consider its effect first before coming up to his final decision? Well, I hope he did. This took place after the company he was hired to run had almost completely ran out of cash and was facing bankruptcy. This is the sad part in the story that was reported by Wall Street Journal. It was in such a desperate situation that he was forced to sell the company to Bank of America to keep the corporation alive. “Nothing less than shocking” is what the New York State Attorney General Andrew Cuomo called the situation. The average person, like you and me, would never be rewarded for such a failure. In fact, most people would get fired for far less. Those at the highest position should be given the same treatment as those of us down the ladder. If the need for emergency cash arises, don’t sell yourself to the bank.