Merrill Lynch to cut mortgage-backed securities-
The world's largest brokerage, struggling to right itself as the credit crisis continues, said it will issue more than 200 million new common shares as part of the deal. Merrill said it will write-down $5.7 billion because of additional losses on the sale of mortgage securities and hedging contracts.
(By Joe Bel Bruno, AP Business Writer)
MER drops $10 in 3 days. You don't think someone knew something do you?
Since MER sold Bloomberg LP for $4.43 billion, Bloomberg now has a youtube channel. If they were smart they would allow embedding of their videos.
I was watching Bloomberg, and it turns out Bill Gross is bearish on the Euro, and he thinks the FED will hold off raising rates until the housing mess has passed. He also thinks that there will likely be 50-100 banks to fail before the housing mess is over with based on what the FDIC already said.