Merrill takes about $16 billion in writedowns
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Merrill Lynch & Co Inc on Thursday posted a quarterly loss of nearly $10 billion after writedowns and adjustments totaling about $16 billion as bad subprime mortgage bets forced the brokerage to sell stakes in the company to foreign investors to raise capital.
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Merrill Lynch & Co Inc  reported on Wednesday the biggest quarterly loss in its history after writing down $8.4 billion, mostly from bad investments related to risky subprime mortgages.
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Merrill Lynch said today it has devalued its collection of mortgage-backed assets by $7.9 billion, far more than the company estimated only three weeks ago and a sign that the financial industry still may not have a full grip on problems related to risky, subprime loans.
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Merrill Lynch & Co. on Wednesday took a $7.9 billion writedown because of the summer's credit crisis, a bigger-than-expected amount that raised the specter of more trouble ahead from risky home loans.
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Profit at Merrill Lynch & Co. Inc.   could take a big hit if the U.S. brokerage heavyweight  cuts the value on nearly $1 billion in subprime lender assets  it bought just eight months ago.
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Merrill Lynch & Co Inc reported about $16 billion in mortgage-related write-downs and adjustments on Thursday in the worst quarter of the company's history.
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Merrill Lynch & Co Inc  on  Wednesday reported $7.9 billion in write-downs for the  third-quarter -- triggering its first loss in six years -- as  the company was burned by lax risk management and bad bets on  mortgages and leveraged loans for corporate takeovers.
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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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(Corrects to show Merrill write-downs and adjustments totaled about $16 billion instead of $14.1 billion in paragraph 7.)
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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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SunTrust Banks said it would take up to $400 million in fourth-quarter pretax write-downs, mainly from a bailout of two money market funds.
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Investment bank Merrill Lynch  has seized $400 million in assets of a troubled hedge fund at Bear Stearns Cos. Inc.  and plans to sell them off, The Wall Street Journal reported in its weekend edition.
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Wachovia, the nationâs fourth-largest bank, said it would take write-downs of more than $1 billion for commercial loans.
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The staggering losses, the worst in the firmâs history, were fueled by write-downs totaling $16.7 billion.
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Merrill Lynch & Co Inc.  may look to sell its 20 percent stake in Bloomberg LP to raise capital after writing down $8.4 billion of assets last quarter, some investors have said.
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Driving the companyâs loss, which amounts to $31.85 a share, was a $5.21 billion write-down on its portfolio of credit derivatives.
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Brokerage announces weaker-than-expected results dragged lower by a writedown in the value of some of its assets.