Merril Lynch Posts $4.65 Billion 2nd Qtr Loss
 

SAN FRANCISCO (MarketWatch) - Merrill Lynch & Co. reported a $4.65 billion second-quarter net loss late Thursday as the brokerage firm continued to be hit by write-downs on large mortgage-related exposures. Merrill said it lost $4.65 billion, or $4.97 a share, during the second quarter, compared to net income of $2.14 billion, or $2.24 a share, in the same period a year earlier.

http://www.marketwatch.com/news/stor...7D&siteid=bnbh

Those idiots should have posted that on a Friday after the bell to give the market the weekend to get over the shock. Unless they want to let the short sellers have a ball Friday morning.

Ouch....

I own MER. it's already down in after tradeing, 28.80 -1.93 (-6.28%)

I bet you it's going to bring down all the financials with it.

It sure will.

Thats a lot of cheese.

Yea it's gonna piss me off if it takes FRE down with it. I bought on a low yesterday and had a nice ride today. Hoping for a bit more before I sell.

Its too bad shit like this effects everyone because these idiots made their own bed by giving out mortgages like candy.

FRE is down 4.32% after hours and FNM 4.85%

wow now many of financials are gonna take a hit

Reuters is saying it is a $4.9 billion dollar loss. http://biz.yahoo.com/rb/080717/merri...ults.html?.v=4

What did they expect?

In related news, the government bailing out Fannie and Freddie adds trillions to the national debt.

https://youtube.com/watch?v=rcIBFLSmVGA

which countries will get the keys of the country ?

All will be fine - just not in the next 6 mos.

Google also took a big hit after hours, gonna be a rocky day for me tomorrow :)

No shit!!!

My next door neighbor is the vice-president of a Merril Lynch brokerage. I was talking to him last week about the markets, and he was bragging about making a killing in oil. I figured they were doing great by talking to them. Maybe that explains why he lowered his head when I started talking about the housing and banking market.

I wish I had enough money to experience losses that big.

Haha........ you gotta love Jim Rogers.

So where are AZ/CA/NV/FL real estate investors? I thought you guys said economic fundamentals were so great, demographics so good, demand so high, money so cheap, supply of foreign suckers so large, prices would never go down.

Huh?