Merrill reports loss of $5.1 bln

[Merl Haggard]

Merrill Lynch Posts Loss of $5.1 Billion
16th Oct 2008


Merrill Lynch reported a loss of $5.1 billion for the third quarter as the investment bank wrote down the value of collateralized debt obligations and real-estate assets and revenue tumbled from the year-ago period.

Merrill said it lost $5.1 billion, or $5.56 a share, in the three months ended September, compared with a loss of $2.4 billion, or $2.99 a share, in the same period a year ago.

On average, analysts surveyed by Thomson Financial predicted a loss of $5.22a share.

Net revenue for the quarter was $16 million, far short of the $760 million analysts predicted and the $7 billion it saw in the same quarter a year ago.

Excluding writedowns, a tax gain and other one-time items, revenue was $5.7 billion.


AP

 

[pfingo]

boa will protect them

 

[DIVISION1]

And behind boa, there is still one to two more last lines of defence. It is now in no ones interest for an major international banks to go under. However, accountability measures need to be taken to prevent similar problems from recurring.

 

[pfingo]

sarbanes-oxley