Merril Lynch a $7.9 BILLION write-down from sub-prime mortgage losses. [CNN Money]
Post a comment
Comments:
There will be more - the derivatives market is a mess, and no amount of bailout funding will keep things stable unless some of the big players want to tip their hands to the government (and the public) and admit just how culpable they are in creating that mess. Don't expect it to happen here: [biz.yahoo.com]
Additional indicators are out:
More decline in housing sales for September [biz.yahoo.com]
Interest rate drop fails to boost mortgage market [biz.yahoo.com]
Mine made about 25x that. Of course I've had it for a good long time & it's just now starting to really snowball.
They should retroatively strip away the bonuses these idiots made before the house of cards collapsed as well. Everyone I talked to years ago was aware that this was a rowboat heading towards the waterfalls. Everyone. Yet these genius titans of Wall Street were unaware? Yeah, right.
No wonder my ML 401(k) only made $18 this quarter...