Sprint Loses $29.5 Billion Dollars In A Single Quarter

Sprint Loses $29.5 Billion Dollars In A Single Quarter

Sprint has announced a fourth quarter loss of $29.5 billion, says the Chicago Tribune. Most of the loss is due to a one-time $29.5 billion writedown of its purchase of Nextel. The wireless carrier says it expects 1.2 million additional customers to leave this quarter, citing dropped calls and poor customer service as their reason for seeking less frustrating pastures.

Chief Executive Dan Hesse, who took over in December, said business is worse than he expected and is deteriorating.

Merrill Lynch: We Just Lost $9.8 Billion

Merrill Lynch: We Just Lost $9.8 Billion

Merrill Lynch just lost $9.8 billion.

Mortgage Related Losses Could Reach $300 Billion

Mortgage Related Losses Could Reach $300 Billion

The Organization for Economic Cooperation and Development is predicting that mortgage-related write-offs could reach $300 billion, says the New York Times. Although major U.S. financial institutions have placed their estimates at around $50 billion, the OECD says that “a rougher period may yet await financial markets.”