Texas Bankruptcy Laws

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October 23rd, 2007

Merrill 3Q Roiled by Mortgage Crisis

“The result is a larger write-down of these assets than initially anticipated.”

Merrill Lynch & Co., the world’s biggest brokerage, on Wednesday said the summer’s credit crisis triggered a bigger-than-expected $7.9 billion writedown during the third quarter.

Bad bets on mortgage securities and leveraged loans used for corporate takeovers caused it to post its first loss in six years. The blow makes Merrill Lynch the hardest-hit investment bank on Wall Street amid the recent market turmoil.

Merrill Lynch reported a loss after paying preferred dividends of $2.31 billion, or $2.82 per share, compared to a profit of $3 billion, or $3.50 per share, a year earlier. Revenue, after factoring in some of its losses, fell 94 percent to $577 million from $9.83 billion a year earlier. Read more



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