Merrill Lynch announced a $14 billion write-down this morning, bringing its total past $22 billion in the last two quarters alone. The investment bank was forced to take a $10 billion loss during the quarter, its earnings statement reported, the largest dollar loss in the bank’s 94-year history.
Thus, this week alone, banks marked down some $34 billion in bad subprime bets -- $18 from Citi, $1.3 from JP Morgan yesterday, and now $14 from Merrill. Oy… we’re not out of the woods yet.
Thus, this week alone, banks marked down some $34 billion in bad subprime bets -- $18 from Citi, $1.3 from JP Morgan yesterday, and now $14 from Merrill. Oy… we’re not out of the woods yet.
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