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Spread this message with Digg, Del.icio.us, Reddit, or Stumbleupon, and subscribe to the RSS Feed to track articles Merrill Lynch Hit Hard, Losses Total $4.9 BillionE-mail - editor@economyincisis.org |
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Earlier this week it was forecasted banks would announce severe losses when their quarterly reports were made public. Merrill Lynch shocked the public when it declared a larger-than-expected $4.9 billion loss last quarter, according to CNN Money. This is the fourth consecutive quarterly loss for the bank. The housing and credit problems are destroying bank profits. One California bank was taken over by the government earlier this week, angering and scaring its clients. Source CNN Money:
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