September 15, 2008

In Merrill Lynch, Bank of America buying lots of baggage

The 94-year-old investment firm, marked by its bull logo, Merrill lost $8.6 billion in 2007. It's since slashed exposure to commercial real estate, raised capital on the stock market, cut jobs, and sold off much of its problematic subprime mortgage investments. But Merrill is still losing money — $4.6 billion in the second quarter.

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