Yesterday the WSJ's MarketBeat blog liveblogged the MER conference call. What wasn't said was as informative as what was.
Two weeks ago, Merrill Lynch warned it would take a 50-cent-a-share loss from exposure to bad debt. Yesterday, the firm announced it would write off $8.4 billion in collateralized debt obligations, subprime mortgages and leveraged loans and post a $2.84-per-share third-quarter loss.
Forget what you've heard. The credit crunch goes on.Wall Street's been playing a summer-long session of Hold 'Em. Time to end the game....MORE