Merrill could face big subprime write down
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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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Citigroup Inc , Merrill Lynch & Co  and JPMorgan Chase & Co  may face larger fourth-quarter debt write-offs than previously expected, and Citigroup may have to slash its dividend 40 percent to preserve capital, according to a Goldman Sachs & Co analyst.
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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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The move by Standard & Poorâs could force Merrill Lynch, CIBC and other investment banks to write down the value of securities they had bought insurance on by billions of dollars.
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Wall Street stocks endured a volatile session on Wednesday in which a $7.9bn writedown at Merrill Lynch revived worries about banks' exposure to risky investments.
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The problems of subprime loans hint at broader risks in financial markets.
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Troubles in the subprime mortgage  sector could put Wall Street on edge next week just as  investors look for key economic data, including the Consumer  Price Index, to shore up the market's nascent recovery after  its recent plunge.
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Futures on benchmark equity indexes were in the red before Wall Street's opening on Wednesday, with eyes on Merrill Lynch  after media reports of bigger write-downs than the brokerage has flagged.
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Citigroup wrote off a colossal $18.1 billion on Tuesday and secured new capital as Merrill Lynch, also seen heading for big losses due to the U.S. subprime mortgage meltdown, announced a $6.6 billion shot in the arm.
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Large companies that bought subprime lenders during a boom in the market are now scrambling to sell them or scale back their exposure.
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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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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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How the lessons of Enron apply to the subprime blowout.
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Merrill Lynchâs stock plummeted after it took a $16.7 billion write-down and had a $9.8 billion fourth-quarter loss.
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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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Could the subprime problems that have fouled the public market be a mixed blessing for Silicon Valleyâs high-technology investors?
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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.