Follow Newser on Twitter   Friend Newser on Facebook
Snappy newsletters. Simple Facebook sharing. Spirited comments. Sweet features are waiting… GET THEM NOW!

Hot on Facebook
Malaysia Busts 80+ Lovers in Valentine's Day Raids Muslims face up to two years in jail »

NEWS ABOUT: Merrill Lynch

Stories 81 - 100 | << Prev   Next >>

Switch to grid view »

Bank of America CEO Lands His Biggest Fish Yet

Merrill bid puts bold Lewis over $150B in acquisitions

(Newser) - Like predecessor Hugh McColl, Bank of America CEO Kenneth Lewis loves enormous deals. His 7-year reign has seen flashy conquests adding up to more than $150 billion, but never has he bagged a bigger trophy than Merrill Lynch, Reuters reports. The deal should fulfill Lewis’ oft-frustrated ambition to make BofA,... More »

European Banks Loosen Purse Strings

Inject billions into markets; offer more to keep crisis at bay

(Newser) - The weekend’s storm on Wall Street has prompted Europe’s central bankers to make billions of dollars available on the cheap to global money markets as a levee against a rising flood of fresh turmoil, the New York Times reports. The European Central Bank has pledged $43 billion and... More »

Markdown Sparked Lehman Meltdown; More to Come

Other firms could follow suit, meaning widespread losses

(Newser) - What caused two venerable investment banks to implode this weekend, and how much more damage can we expect? It started when Lehman Bros. surprised markets by slashing the valuation of its mortgage holdings last week, making downward revisions so steep that "even longtime bears on the stock thought the... More »

Wall Street Rumbling Means Little on Main Street

Financial meltdown has small effect on 'real economy': Kaletsky

(Newser) - Fannie and Freddie have been nationalized, Lehman has collapsed, Merrill Lynch has been bought out—an economic disaster, right? Not really, Anatole Kaletsky writes in the Times of London: The US economy is actually showing signs of improvement. More than ever, "there is no contradiction between expecting a recovery,... More »

Stocks Plunge at Open

AIG, Lehman take huge hits, but Merrill takeover stabilizes market slightly

(Newser) - Stocks tumbled at the opening bell this morning, with the Dow dropping more than 300 points after a weekend that turned the financial industry on its head. Lehman Brothers’ collapse and AIG’s request for $40 billion from the Federal Reserve “are causing a major financial panic this morning,... More »

Lehman Files Biggest Chapter 11 Ever

Bankruptcy sends shockwaves through financial world

(Newser) - Lehman Brothers gasped its last breath this morning, filing for Chapter 11 protection in Manhattan under a crushing $613 billion in debt, the largest—and potentially most frightening—bankruptcy in US history, reports Bloomberg. Experts say the filing is likely to trigger a domino effect in the US economy. More »

Still Standing, Morgan Stanley, Goldman Face Bleak Times

Survivors will need to belatedly downsize

(Newser) - With Bank of America buying Merrill Lynch, and Lehman brothers heading into Chapter 11, Goldman Sachs and Morgan Stanley are the last major independent investment banks standing on Wall Street. But having survived as the fittest doesn't guarantee an easy ride, reports the Wall Street Journal, as both will have... More »

10 Banks Form $70B Fund to Stave Off Crash

Paulson brokers twin public-private liquidity measures

(Newser) - Ten of the world's largest banks have formed a massive liquidity fund to mitigate the effects of the Lehman Brothers meltdown, reports the Financial Times. All the investment banks will be able to borrow up to a third of the $70 billion fund in order to reduce volatility and stay... More »

Staggering Wall Street Job Market Takes Another Big Hit

Banks' collapse means loss of 50,000 more jobs

(Newser) - A Wall Street job market that’s already hemorrhaged 100,000 jobs this year now must steel for the loss of 50,000 more as Lehman Brothers and Merrill Lynch—two of its four pillars—tumble at once. “The resume flow will start today like there's no tomorrow,”... More »

Bank of America to Buy Merrill Lynch for $44B

(Newser) - In a day of toppling dominoes on Wall Street, Bank of America agreed to buy Merrill Lynch for $44 billion, or $29 a share—about two-thirds of what it was worth a year ago and 50% of its highest value in 2007, the Wall Street Journal reports. The deal, struck... More »

Get Set for Disorderly Lehman Liquidation

(Newser) - Barclay's dropping out of a Lehman deal means that the Feds lost a game of chicken with the big banks holding Lehman mortgages, and now there will be a disorderly liquidation of Lehman assets, instead of the orderly liquidation that would have been possible with a real buyer, James Cramer... More »

Stocks Mixed; Down For Week

Sliding oil again fails to move markets worried over unemployment

(Newser) - Stocks finished the week with a mixed session today, managing to mostly recover from an early sell-off in reaction to a 5-year high in monthly unemployment, MarketWatch reports. The Dow rose 32.73 to close at 11,220.96. The Nasdaq fell 3.16 to 2,255.88, while the... More »

Banks Bracing as Their Own Debts Come Due

Billions in shorter-term, floating rate notes likely to prolong credit woes

(Newser) - Billions of dollars worth of floating rate notes—vehicles used by banks to borrow money—taken out in 2006 are coming due in the next few months, and the industry is bracing for a wave of bank failures and asset sales as institutions struggle to pay off obligations, the Wall ... More »

3 More Wall Street Firms Agree to Buy Back Securities

Settlement reached after auction-rate securities market collapse

(Newser) - Merrill Lynch, Goldman Sachs and Deutsche Bank have agreed to a settlement with New York's attorney general and other state regulators to buy back $14.5 billion of now worthless auction-rate securities. The brokerages will also pay $162 million in fines to settle charges that they misled investors into thinking... More »

Lehman Shops Key Unit in Quest for Cash

The troubled Wall Street firm is taking offers for its strong fund management wing

(Newser) - Lehman Brothers is shopping a piece of its investment management unit, the Wall Street Journal reports, joining other large banks in shedding strong-performing businesses to offset mortgage meltdown losses. Lehman’s management business, which includes Neuberger Berman and hosts 27 mutual funds managing $22 billion in individual and institutional wealth,... More »

Cuomo Raises Pressure on Merrill

He says company faces lawsuit over auction-rate securities

(Newser) - With Wachovia locked in to buying back $9 billion in auction-rate securities from clients, New York Attorney General Andrew Cuomo has his sights set next on finance titans Merrill Lynch and Goldman Sachs, Bloomberg reports. Cuomo says Merrill faces an "imminent" lawsuit after offering to buy back $10 billion... More »

UBS Agrees to $19.4B Auction-Rate Bond Buy-Back

(Newser) - UBS, pressured by state and federal authorities, has agreed to buy back $19.4 billion in risky auction-rate securities that were widely sold as cash-like and safe, the Boston Globe reports. The market for the securities, which are a type of bond sold by non-profits, art institutions and local governments,... More »

Merrill Panic May Mark Bottom of Stock Market

Once regaled for cavalier confidence, CEO's chief cuts losses

(Newser) - Merrill Lynch CEO John Thain has seen better days, Floyd Norris writes in the New York Times. He's gone from “cockiness to capitulation. Distinction to desperation.” Thain recently unloaded a bundle of his company’s securities for 22 cents on the dollar and raised $8.5 billion from... More »

Lone Star Buys Big at Mortgage Fire Sale

Texas fund grabs $6.7B in Merrill castoffs, is hungry for more

(Newser) - Lone Star Fund is looking to profit from the castoffs of the credit meltdown, buying billions of marked-down assets and betting on just some of them to rebound, reports the Wall Street Journal. The Dallas-based private-equity firm run by John Grayken has closed a deal on $6.7 billion in... More »

Financials Key Big Turnaround

Surge by BofA, lower oil prices key rally that erases previous day's tumble

(Newser) - Investors, cheered by Merrill Lynch’s attempt to regain its financial footing, plowed ahead today despite ugly news on housing prices and consumer confidence, the Wall Street Journal reports. The rally helping the major indices recoup yesterday’s losses—and then some. The Dow was up 266.48 to 11,... More »

Stories 81 - 100 | << Prev   Next >>
NEWS FROM OUR PARTNERS
Other Sites We Like:   24/7 Wall St.   |   Betty Confidential   |   BuzzFeed   |   Cracked   |   Fark   |   Timelines   |   The Frisky   |   Geek Sugar   |   NewsOne