Toddo on TV: Merrill Cuts Its Losses

Minyanville Staff  Jul 29, 2008 11:40 am

Toddo on TV: Merrill Cuts Its Losses
 
Markets, movers and more.
 

 
Merrill Lynch (MER) is all over the press this morning as it announced a fire sale of mortgage debt and common stock and also took a $5.7 billion writedown. This looks bad on the surface, but Toddo notes that it may be the most constructive thing the bank can do for itself and for the financial sector. More banks, such as Citigroup (C), could follow suit.

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07-29-2008, 12:34 pm
Rose colored glass's fade to red!

Sorry part about Merrill is there is still no transparency in press release. They marked down their CDO's and sold 30 billion @ 22 cents on the buck but is this all they have on the books?
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