Merill Lynch is going to shake up Wall Street today - $15B write down!!

[malaise]

http://www.bloomberg.com/apps/news?pid=20601087&sid=aXjtq7xCvN10&refer=home

<snip>
Merrill Lynch & Co., the third- largest U.S. securities firm, may write down $15 billion related to U.S. mortgage losses, almost twice its original forecast, the New York Times reported, citing people briefed on the plan.

Analysts had estimated that the New York-based firm would announce a markdown of about $12 billion when it reports fourth- quarter earnings next week, adding to an $8.4 billion charge in the previous quarter. Losses on bets related to U.S. mortgages prompted the ouster of Chief Executive Officer Stan O'Neal in October and his replacement by John Thain a month later.

[radfringe]

1. AAAEEEEEiiiiiiiii

[malaise]

2. LOL

I want to watch when the robber barons start jumping.

[JHB]

3. Robber Barons never jump

They sit back and sweep up assets at bargain prices from those that dd.

[radfringe]

4. should that read

They sit back on their assets and watch others jump? ;)

[malaise]

5. probably!

:D

[Dorian Gray]

9. They may

but lots of middle class americans who have money in 401(k)s, 403(b)s, and IRAs, not to mention small personal investments themselves, will also be hurting. This type of thing affects many non-wealthy people, also.

[Postman]

6. I'm hoping for another Great Depression.

Something to shake these fuckers (American Middle Class who vote republican) up out of their propaganda induced idiocy.

[Tierra_y_Libertad]

11. My Socialist father had high hopes during the depression.

Alas, the revolution never came.

[AngryAmish]

7. Everybody panic!

[Bombero1956]

8. Merrill Lynch is in trouble with the Mass Attorney General

seems they invested $13.9 million dollars belonging to my city in securities backed by subprime mortgages in violation of state law. When the mortgage market went belly up the investment lost all but $1.2 million. We are now preparing to sue to recover the lost funds.

[malaise]

10. Down go the markets

Ouch!