Merrill Lynch posts $7.8bn loss

[eppur_se_muova]

Source: BBC

Wall Street banking giant Merrill Lynch has unveiled a huge loss for 2007, crippled by exposure to risky investments in the US housing market.

It made a net loss of $7.8bn (£3.9bn) in the 12 months to the end of December from a net profit of $7.5bn in 2006.

The loss includes a massive $14.1bn write-down on failed investments related to sub-prime mortgages.

Merrill Lynch is the latest big bank to reveal losses related to the crisis in the US mortgage market.

Read more: http://news.bbc.co.uk/2/hi/business/7193915.stm

[southerncross48]

1. Move Your Money

If you have 401K's I'd move them to something very conservative---not stocks. There's a hard rain about to fall!!!!!!!!!!!!!!!

[noel adamson]

2. Euros or Yuan?

[CountAllVotes]

4. Welcome to the DU southerncross48!!!

:hi: and welcome to the Democratic Underground! It is nice to see you here all the way from New Zealand!

I couldn't agree with you more. I only wish that others had done the same awhile back. It is hard to have insight as no one has a crystal ball. Hope to see you again!

:dem:

[geomon666]

3. Will they still hand out executive bonuses this year? n/t

[benld74]

5. Oh hell yeah, watch what I tell you