Merrill Lynch: We Just Lost $9.8 Billion

Merrill Lynch just lost $9.8 billion.

After taking write-downs totaling $16.7 billion, the firm posted a $9.7 billion fourth quarter loss and a yearly loss of $7.78 billion.

For comparison’s sake, Merrill Lynch made $7.5 billion in 2006. So that’s, like, really bad.

So what do you say when you’re the new CEO of a company that just lost almost $10 billion in one quarter?

John Thain, who took over as Merrill’s chief executive officer in December, called the firm’s results “unacceptable”…

Pardon our language, but no fuckin’ shit, John.

Merrill Lynch Posts a $9.8 Billion Loss [NYT]