Merrill takes $14.1 billion writedown
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Merrill Lynch & Co Inc  on Thursday said it took a $14.1 billion writedown and adjustments in the fourth quarter as bad subprime mortgage bets forced the brokerage to sell pieces of the company to foreign investors to raise capital.
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A second look at the bumper earnings from Merrill Lynch.
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Twenty-nine investment firms, including some of Wall Street's biggest names, have been fined a total $9.2 million by securities regulators who said they were late in reporting disciplinary history and other data about their brokers. The investment arms of Merrill Lynch &amp; Co. and Wachovia Corp. were barred from registering new brokers for five business days.
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NEW YORK -- The U.S. stock market Thursday sustained its worst damage this year as major banks announced they were writing off billions of dollars in additional bad debt and signs emerged of even more trouble ahead for the financial and manufacturing sectors.
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Merrill Lynch also took a write-down of more than $14 billion as subprime mortgage woes took another bite out of its balance sheet.
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Merrill Lynch & Co Inc   reported about $16 billion in mortgage-related writedowns and  adjustments on Thursday in the worst quarter of the company's  history.
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(Corrects to show Merrill write-downs and adjustments totaled about $16 billion instead of $14.1 billion in paragraph 7.)
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Merrill Lynch said it is getting a $6.6 billion cash infusion from three foreign funds: The Korean Investment Corp., Kuwait Investment Authority and Mizuho Corporate Bank.
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In yet another concrete sign of trouble in the commercial real estate market, Wachovia, the nationâs fourth-largest bank, announced on Tuesday that it would be taking write-downs of more than $1 billion for commercial loans for the second half of last year. That sum includes $488 million in previously disclosed write-downs for the third quarter.
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Q. What does it mean for my investments that the Dow Jones industrial average hit the 14,000 mark?
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Merrill Lynch & Co. , the biggest U.S. brokerage, said on Tuesday its fourth-quarter profit fell 1.8 percent as increased banking and brokerage revenue was offset by higher compensation and other costs.
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(Corrects to show Merrill write-downs and adjustments  totaled about $16 billion instead of $14.1 billion in paragraph  7.)
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Merrill Lynch is expected to report today that it will add about $2.5 billion more to the $5 billion in write-downs it has already announced, a person briefed on the situation said.
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Citigroup expects a $15 billion fourth-quarter  write-down at Merrill Lynch & Co Inc  and said  CDO/subprime exposures will decline by 50 percent to 70 percent  in aggregate.
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The bankâs net income slid to $942 million, or 53 cents a share, from $1.19 billion, or 66 cents a share, in the period a year ago.
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Credit Suisse on Tuesday announced new write-downs of $2.8 billion that cut $1 billion from its profit, in a stunning reminder of the difficulty banks face in current market conditions.
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The Dow Jones Industrial Average of US blue chips traded above 14,000 for the first time on Tuesday as US stock investors took heart from unexpectedly strong earnings reports - notably from investment bank Merrill Lynch - and benign headline producer price inflation.