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Merrill Lynch To Add $2.5 Bil To Already Announced $5 Bil Write-Downs

New York Times   |  JENNY ANDERSON, LANDON THOMAS, Jr.   |   October 24, 2007 07:55 AM

Read More: Merrill Lynch, Quarterly Earnings, Subprime Mortgages, Breaking Business News
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Merrill Lynch is expected to report today that it will add about $2.5 billion more to the $5 billion worth of write-downs it has already announced, according to a person briefed on the situation.

Merrill reports its third-quarter earnings this morning. The bank announced earlier this month that it expected to write down $5 billion because of losses in its fixed-income unit. Most of the losses, the bank said, were tied to the decline in value of complex debt instruments called collateralized debt obligations, whose value has diminished in recent months as credit markets have been hit by a collapse in the subprime mortgage market.

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- nomoredead I'm a Fan of nomoredead permalink

I thought pajeff said all the banks were doing fine......

    Favorite    Flag as abusive Posted 02:06 PM on 10/24/2007
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