Merrill Lynch Posts $2.2 Bil Loss
Washington Post Tomoeh Murakami Tse, Renae Merle, Howard Schneider October 24, 2007 11:25 PM
Merrill Lynch on Wednesday posted a loss of $2.2 billion -- its first quarterly loss since 2001 -- which coupled with a poor homes sales report and a turbulent stock market raised fears that weakness in housing and the financial system posed a bigger threat to the broader economy than previously thought.
The investment bank, whose loss was far worse than what the firm forecast less than three weeks ago, said it had to write down its collection of mortgage-backed assets...
Merrill Lynch on Wednesday posted a loss of $2.2 billion -- its first quarterly loss since 2001 -- which coupled with a poor homes sales report and a turbulent stock market raised fears that weakness in housing and the financial system posed a bigger threat to the broader economy than previously thought.
The investment bank, whose loss was far worse than what the firm forecast less than three weeks ago, said it had to write down its collection of mortgage-backed assets...
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