Merrill Blows Another $9 Billion on Gambling Losses, Firing 4,000 People Not Responsible

Merrill Lynch's mortgage gambling tab keeps growing. Thankfully, Merrill is addressing the problem: It's firing 4,000 people who had nothing to do with the losses.
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Merrill Lynch's mortgage gambling tab keeps growing. It was an $8 billion write-off in Q3 last year, then $12 billion in Q4, and now another $9 billion in Q1. That's $29 billion all told (so far), or approximately 4 years worth of earnings.

Put differently, four years worth of work by 60,000+ Merrill Lynch folks worldwide has been vaporized in the past nine months by a handful of dice-throwers on a trading desk and some idiot facilitators in senior management.

Thankfully, Merrill is addressing the problem: It's firing 4,000 people who had nothing to do with the losses.

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