Merrill Lynch

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June 2008
- Financials Key Downward Spiral
  
  newser | MarketWatch | Jun 2, 08 3:38 PM CDT
  
  Financials keyed major market losses as high-level personnel shuffles at Wachovia and Washington Mutual, plus a report by Standard and Poor that downgraded the ratings of several prominent banks, disconcerted investors, MarketWatch notes. The Dow lost 134.50 to settle at 12,503.82, and the Nasdaq lost 31.13, closing at 2,491.53. The S&P 500 lost 14.71, ending the day at 1,385.67. More »
April 2008
- Are Wall Street Banks Ready to Risk Again?
  
  newser | Wall Street Journal | Apr 28, 08 9:48 AM CDT
  
  Wary investors appear to be returning to Wall Street, the Journal reports, buying back into higher-risk debt issues from the likes of troubled Citigroup and Merrill Lynch. “Risk taking has come back in the market,” said one expert. More »
- Merrill Braces for $6B-$8B in New Writedowns
  
  newser | Wall Street Journal | Apr 16, 08 10:28 AM CDT
  
  Merrill Lynch is likely to report another $6 billion to $8 billion in writedowns related to the subprime collapse tomorrow, leading to a third consecutive quarterly loss, the Wall Street Journal reports. Merrill’s chronic mortgage losses—$30 billion and counting—show just how deep the world's largest brokerage is mired in the mess, and have it slashing costs and jobs. More »
March 2008
- Subprime Lender CEOs Defend Exec Pay
  
  newser | New York Times | Mar 7, 08 3:50 PM CST
  
  Banking executives who took home huge paychecks even as the subprime mortgage crisis battered their companies appeared before Congress today to defend their actions. Democrats on the House Oversight Committee grilled them about their enormous pay packages as Republicans apologized to them and questioned the premise of the hearing, the New York Times reports. More »
- House Hits High Bonuses at Strapped Companies
  
  newser | Associated Press | Mar 7, 08 7:53 AM CST
  
  A House committee wants to know why the CEOs of three companies mired in the subprime crisis collected massive bonuses as their firms bled billions, AP reports. The targets include Merrill Lynch, Citigroup, and Countrywide, all of which posted stunning losses last year. Countrywide CEO Angelo Mozilo and the former CEOS of Merrill and Citigroup, Stanley O'Neal and Charles Prince, will be on the hot seat. O'Neal and Prince were fired, but pocketed hefty payouts on the way out. More »
January 2008
- Another Head Rolls at Merrill Lynch
  
  newser | Bloomberg | Jan 28, 08 3:55 PM CST
  
  Merrill Lynch co-president Ahmass Fakahany will step down after subprime mortgages led to a $9.8 billion fourth-quarter loss, the firm said today. Fakahany is at least the third exec from Stan O'Neal's team to leave since John Thain took over as CEO, reports Bloomberg. Thain replaced O'Neal in October following almost-as-horrifying third-quarter losses. More »
- Are Foreign Bailouts Good for the Economy?
  
  newser | Wall Street Journal | Jan 25, 08 11:30 AM CST
  
  Wall Street firms, battered by the collapsing subprime market, shored by their bottom lines by selling ownership stakes to foreign governments. Although the investments represent a significant change in the US economy, they drew little public criticism and no government intervention. That reaction—or lack thereof—follows years of lobbying by overseas governments and large American financial firms, the Wall Street Journal reports. More »
- Merrill CEO Thain Emphasizes Risk, Culture Changes
  
  Wall Street Journal | Jan 18, 08
  
  NEW YORK (Dow Jones)--As if he were running for the U.S. presidency, Merrill Lynch & Co.'s (MER) new chairman and chief executive, John Thain, said in his maiden quarterly conference call with analysts that he is focusing on change.
- Merrill: $9.8B Loss on $11.5B Writedown
  
  newser | Bloomberg | Jan 17, 08 6:31 AM CST
  
  Merrill Lynch reported a fourth-quarter loss of $9.8 billion, or $12.01 a share, nearly triple the per-share loss most analysts predicted, reports Bloomberg. It was the second straight losing quarter for the nation’s largest broker, and capped the company’s first full-year loss since 1989. Merrill said it took $11.5 billion in writedowns on subprime mortgage-related securities. More »
- Merrill Lynch posts $7.8bn loss
  
  BBC | Jan 17, 08
  
  Wall Street banking giant Merrill Lynch has unveiled a huge loss for 2007, crippled by exposure to risky investments in the US housing market. It made a net loss of $7.8bn (£3.9bn) in the 12 months to the end of December from a net profit of $7.5bn in 2006.
- For Hurting US Companies, World Supplies Band-Aid
  
  newser | Wall Street Journal | Jan 16, 08 12:02 PM CST
  
  The subprime collapse has US financial institutions in uncharted waters—asking for help from foreign investors and governments, the Wall Street Journal reports. Citigroup, Merrill Lynch, and Morgan Stanley all have recently sought bailouts, a dramatic switch from a tradition that saw US banks coming to the “rescue of nations and businesses across the world." More »
- Merrill Hauls in $6.6B Lifeline
  
  newser | Wall Street Journal | Jan 15, 08 6:05 AM CST
  
  Merrill Lynch has reached into the deep pockets of foreign investors once again, pulling in a $6.6-billion lifeline today from a consortium of investors that include Japan’s Mizuho Financial Group and the Kuwait Investment Authority, the Wall Street Journal reports. In December, Merrill received a $5-billion cash infusion from a fund run by the government of Singapore. More »
- Merrill Probed for 'Front Running' Trades
  
  newser | Wall Street Journal | Jan 14, 08 8:28 AM CST
  
  Wall Street’s tarnished image is taking another hit as the SEC takes a look at whether Merrill Lynch put its own trades ahead of those from clients, specifically mutual-fund operator Fidelity Investments, a practice known as front-running, reports the Wall Street Journal . The probe is the newest development in a broader look at improper information sharing on Wall Street. More »
- Merrill's $15B Write-Down Nearly Doubles Estimate
  
  newser | New York Times | Jan 11, 08 1:10 PM CST
  
  Merrill Lynch will announce $15 billion in losses stemming from mortgage investments, figure twice its earlier forecast, the New York Times reports. The firm is expected to raise $4 billion quickly from outside investors. New CEO John Thain, who has already sold a $5.6 billion stake to a Singapore state company, is considering selling off its $4 billion holdings in Bloomberg. More »
- Giant Write-Down Is Seen for Merrill
  
  New York Times | Jan 11, 08
  
  Merrill Lynch is expected to suffer $15 billion in losses stemming from soured mortgage investments, almost double its original estimate, prompting the firm to raise additional capital from an outside investor.
- Citi, Merrill Look Overseas for More Cash
  
  newser | Wall Street Journal | Jan 10, 08 7:23 AM CST
  
  Merrill Lynch and Citigroup, which have already tapped foreign investors for billions of dollars to help bail them out of the subprime debacle, are headed back to the well, reports the Wall Street Journal . Merrill is seeking some $4 billion more, Citi up to $10 billion—all expected to come from foreign governments—to help recapitalize coffers stripped by writeoffs the past two quarters. More »
December 2007
- Goldman Sees Bigger Losses for Big Banks
  
  newser | Wall Street Journal | Dec 27, 07 10:24 AM CST
  
  Goldman Sachs has some bad news for Citigroup, Merrill Lynch, and JPMorgan Chase: An analyst predicts even bigger fourth-quarter writedowns for all three firms than they've already cottoned to, thanks to continued exposure to collateralized debt. The losses will be “significantly larger than investors are anticipating.” How large is that? Try a combined $33.6 billion, the Wall Street Journal reports. More »
- Stocks Rise on Credit Optimism
  
  newser | MarketWatch | Dec 24, 07 1:27 PM CST
  
  Stocks were buoyant today in an abbreviated Christmas Eve session, rising on falling interest rates and optimism that financial institutions would find new sources of capital from abroad. The Dow got a boost from a big cash infusion for Merrill Lynch and aluminum giant Alcoa’s sale of a major division, jumping 98.68 points to 13,549.33. The S&P 500 added 11.99 points to 1,496.45, and Nasdaq rose 21.51 points to close at 2,713.50 More »
- Merrill Deal Yields $6.2B in Capital
  
  newser | Wall Street Journal | Dec 24, 07 1:07 PM CST
  
  With another quarter of massive writedowns looming, Merrill Lynch today announced a deal to raise up to $6.2 billion by selling discounted stock to two investors. Up to $5 billion will come from Temasek Holdings, Singapore's state-owned investment company. The other $1.2 billion comes from money managers Davis Selected Advisors, the Wall Street Journal reports. More »
- Merrill Lynch Seeking $5B Cash From Singapore
  
  newser | Wall Street Journal | Dec 21, 07 7:49 AM CST
  
  Facing a fourth-quarter writedown of an estimated $8 billion in subprime paper, Merrill Lynch is negotiating with Singapore’s state-owned investment fund Temasek Holdings for a $5-billion cash infusion, the Wall Street Journal reports. If the deal goes through, Merrill would join several other Western financial institutions bailed out by Asian or Mideastern governments since November. More »