Jump to content
House Price Crash Forum
crash2006

Merrill Writes Off $5.5bn As Turmoil Grows

Recommended Posts

Investment bank suffers one of the biggest hits in the current crunch after a series of wrong-way bets on the debt market, reports James Quinn, Wall Street Correspondent

Global investment bank Merrill Lynch is to write off almost $5.5bn (£2.75bn) as a result of a significant series of wrong-way bets on the debt markets which were exposed due to the continuing credit crisis.

http://www.telegraph.co.uk/money/main.jhtm...nmerrill106.xml

This is the the stuff they know about, house prices are dropping, there no choice now.

Share this post


Link to post
Share on other sites

Merrill Lynch may just be the first to admit the extent of the losses. Credit is only just beginning to feel the pain of tightening in the wake of losses as extensive as these. Given that the news broke only recently we can expect a lag of about 3 or 4 months just in time for Christmas. Spring crash looks on the cards--I mean "crash"--the big drop (20% plus in 3 months) to set the pace for the next 5-7 years.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 355 The Prime Minister stated that there were three Brexit options available to the UK:

    1. 1. Which of the Prime Minister's options would you choose?


      • Leave with the negotiated deal
      • Remain
      • Leave with no deal



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.