Merrill Lynch

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Morgan Stanley Boss Faces Shareholder Pressure

Mack lambasted for taking excessive risk, accumulating debt

(Newser) - With $11 billion in writedowns already on the books and a history of making risky trades and building debt, Morgan Stanley CEO and chairman John Mack is facing scrutiny from some shareholders, the New York Times reports. He has substantial support, but at least one activist group is pushing for...

Subprime Lender CEOs Defend Exec Pay

Merrill, Citi and Countrywide honchos cashed in as companies foundered

(Newser) - Banking executives who took home huge paychecks even as the subprime mortgage crisis battered their companies appeared before Congress today to defend their actions. Democrats on the House Oversight Committee grilled them about their enormous pay packages as Republicans apologized to them and questioned the premise of the hearing, the...

House Hits High Bonuses at Strapped Companies

Fat cats to face executive pay hearing

(Newser) - A House committee wants to know why the CEOs of three companies mired in the subprime crisis collected massive bonuses as their firms bled billions, AP reports. The targets include Merrill Lynch, Citigroup, and Countrywide, all of which posted stunning losses last year. Countrywide CEO Angelo Mozilo and the former...

Goldman Analysts Warn of Next Crisis

Commercial real estate outlook even worse than subprime situation

(Newser) - Commercial real estate could be the next victim of the current economic downturn, and if it is, expect it to cause another full-fledged crisis, the Wall Street Journal reports. Commercial real estate values could fall as much as 26% over the next 2 years, Goldman Sachs analysts predict, leading to...

Feds Eye UBS as Subprime Probe Widens

Criminal prosecutors target Swiss banking giant for mispricing

(Newser) - US criminal prosecutors investigating the subprime mortgage mess want to find out if UBS deliberately misled investors, the Wall Street Journal reports. The Swiss banking giant may have put mortgage bonds on its books at high prices despite knowing their valuations had plummeted. There are multiple probes into the mortgage...

Another Head Rolls at Merrill Lynch
Another Head Rolls at
Merrill Lynch
Jan 28, 2008 3:55 PM CST

Another Head Rolls at Merrill Lynch

Co-president will step down in wake of huge subprime losses

(Newser) - Merrill Lynch co-president Ahmass Fakahany will step down after subprime mortgages led to a $9.8 billion fourth-quarter loss, the firm said today. Fakahany is at least the third exec from Stan O'Neal's team to leave since John Thain took over as CEO, reports Bloomberg. Thain replaced O'Neal in October...

Are Foreign Bailouts Good for the Economy?

Critics worry rush of overseas cash heralds fundamental

(Newser) - Wall Street firms, battered by the collapsing subprime market, shored by their bottom lines by selling ownership stakes to foreign governments. Although the investments represent a significant change in the US economy, they drew little public criticism and no government intervention. That reaction—or lack thereof—follows years of lobbying...

Court Rejects $40B Suit from Enron Investors

Plaintiffs claimed banks abetted fraudulent deals

(Newser) - The Supreme Court yesterday turned away an appeal from Enron investors seeking to sue banks that loaned the company money, Bloomberg reports. A lower court ruling had blocked the investors from organizing a $40 billion class-action suit against Merrill Lynch, Credit Suisse and other banks. The investors accused the banks...

For Sale: These United States
For Sale: These United States
OPINION
Jan 20, 2008 10:41 AM CST

For Sale: These United States

Bush, US companies reduced to holding out a tin cup

(Newser) - Some Americans are outraged about illegal immigrants crossing the Mexican border, but the New York Times' Maureen Dowd thinks that the breech of some financial boundaries are of greater concern. "Who’s going to own the American economy?" she asks, pointing to oil-rich countries taking advantage of the weak...

Merrill: $9.8B Loss on $11.5B Writedown

Brokerage's first-ever full-year loss blamed on subprime woes

(Newser) - Merrill Lynch reported a fourth-quarter loss of  $9.8 billion, or $12.01 a share, nearly triple the per-share loss most analysts predicted, reports Bloomberg. It was the second straight losing quarter for the nation’s largest broker, and capped the company’s first full-year loss since 1989. Merrill said...

For Hurting US Companies, World Supplies Band-Aid

In economic sea change, 'we need the money,' one US Rep. says

(Newser) - The subprime collapse has US financial institutions in uncharted waters—asking for help from foreign investors and governments, the Wall Street Journal reports. Citigroup, Merrill Lynch, and Morgan Stanley all have recently sought bailouts, a dramatic switch from a tradition that saw US banks coming to the “rescue of...

Merrill Hauls in $6.6B Lifeline
Merrill Hauls in $6.6B Lifeline
Jan 15, 2008 6:05 AM CST

Merrill Hauls in $6.6B Lifeline

Recapitalization plans move forward as firm struggles to shake subprime debacle

(Newser) - Merrill Lynch has reached into the deep pockets of foreign investors once again, pulling in a $6.6-billion lifeline today from a consortium of investors that include Japan’s Mizuho Financial Group and the Kuwait Investment Authority, the Wall Street Journal reports. In December, Merrill received a $5-billion cash infusion...

Merrill Probed for 'Front Running' Trades

SEC looks at insider information sharing on Wall Street

(Newser) - Wall Street’s tarnished image is taking another hit as the SEC takes a look at whether Merrill Lynch put its own trades ahead of those from clients, specifically mutual-fund operator Fidelity Investments, a practice known as front-running, reports the Wall Street Journal. The probe is the newest development in...

Merrill's $15B Write-Down Nearly Doubles Estimate

Latest loss, driven by mortgage woes, dwarfs original figure

(Newser) - Merrill Lynch will announce $15 billion in losses stemming from mortgage investments, figure twice its earlier forecast, the New York Times reports. The firm is expected to raise $4 billion quickly from outside investors. New CEO John Thain, who has already sold a $5.6 billion stake to a Singapore...

Citi, Merrill Look Overseas for More Cash

Big Banks could announce $25 billion in additional losses next week

(Newser) - Merrill Lynch and Citigroup, which have already tapped foreign investors for billions of dollars to help bail them out of the subprime debacle, are headed back to the well, reports the Wall Street Journal. Merrill is seeking some $4 billion more, Citi up to $10 billion—all expected to come...

In Need of Cash, Banks Looking to Sell

It's a buyers market as banks unload 'everything from branches to entire units'

(Newser) - Still in need of cash, as subprime writedowns continue to maul bottom lines, US and European banks are selling off or shuttering non-critical assets. They've already sold stakes to foreign investors and borrowed from central banks; now it's time for the yard sale, as the Wall Street Journal puts it....

Goldman Sees Bigger Losses for Big Banks

Predicts larger writedowns at Citi, Merrill, JP Morgan

(Newser) - Goldman Sachs has some bad news for Citigroup, Merrill Lynch, and JPMorgan Chase: An analyst predicts even bigger fourth-quarter writedowns for all three firms than they've already cottoned to, thanks to continued exposure to collateralized debt. The losses will be “significantly larger than investors are anticipating.” How large...

Merrill Deal Yields $6.2B in Capital

Bank sells discounted stock to investors, sells division to GE

(Newser) - With another quarter of massive writedowns looming, Merrill Lynch today announced a deal to raise up to $6.2 billion by selling discounted stock to two investors. Up to $5 billion will come from Temasek Holdings, Singapore's state-owned investment company. The other $1.2 billion comes from money managers Davis...

Merrill Lynch Seeking $5B Cash From Singapore

Anticipating more writedowns, Merrill becomes the latest Western financial institution to look East for help

(Newser) - Facing a fourth-quarter writedown of an estimated $8 billion in subprime paper, Merrill Lynch is negotiating with Singapore’s state-owned investment fund Temasek Holdings for a $5-billion cash infusion, the Wall Street Journal reports. If the deal goes through, Merrill would join several other Western financial institutions bailed out by...

Markets Rally After Early Swoon
Markets Rally After Early Swoon
MARKETS
Dec 13, 2007 3:43 PM CST

Markets Rally After Early Swoon

Good numbers from consumers make for bullish afternoon

(Newser) - Thanks to two pieces of unexpectedly good news today, the markets erased early losses, the Dow climbing 44.06 to 13,517.96 after dipping to almost 13,350 this morning. Retail sales in November increased 1.2%, twice what watchers had estimated. And wholesale prices had their biggest one-month...

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