Toddo on TV: Merrill Cuts Its Losses
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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? They referenced the mortgage CDO's for 30 billion how about their SIV's or LBO finance division? What's next? Is this a smoke bomb to buy time?
Try this for speculation. Perhaps Merrill wants to establish mark to market price for upcoming lawsuits against the regional banks for their part in predator lending, false appraisals, liar loans and violations of the lending rules. If the naked shorts did not make the regional's pucker up like buttercups at sundown perhaps this idea will.
JPM
