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103 comments on DrumBeat: January 17, 2008

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jrwakefield on January 17, 2008 - 10:36am

Merrill Lynch & Co Inc on Thursday said it took a US$14.1-billion writedown and adjustments in the fourth quarter as bad subprime mortgage bets forced the brokerage to sell pieces of the company to foreign investors to raise capital.

Analysts expected Merrill's write-down to land anywhere from US$10-billion to US$15-billion. For the year, Merrill's subprime mortgage-related losses totaled nearly US$23-billion.

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GreyZone on January 17, 2008 - 5:15pm

Merril takes $16.7 Billion hit. Follow the magical growing write downs...

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“The aim of every political constitution is, or ought to be, first to obtain for rulers men who possess most wisdom to discern, and most virtue to pursue, the common good of the society; and in the next place, to take the most effectual precautions for keeping them virtuous whilst they continue to hold their public trust.”

—James Madison, FEDERALIST #57 (1787)