That's gotta hurt.
And you ain't seen nothing yet. Just wait until Countrywide Toxic Mortgage reports on Friday. Major companies will go away during this downfall. Banks will fail. And the financial community will be shaken to its core.
The losses when this whole Ponzi Scheme are counted up will be in the trillions. Yes, the trillions. Nobody can stop it, and the truth is getting tougher and tougher to hide.
Merrill 3Q Roiled by Mortgage Crisis - Merrill Lynch Posts Steep Third-Quarter Loss, Roiled by Mortgage and Credit Crisis
NEW YORK (AP) -- Merrill Lynch & Co., the world's biggest brokerage, on Wednesday said the summer's credit crisis triggered a bigger-than-expected $7.9 billion writedown during the third quarter.
Bad bets on mortgage securities and leveraged loans used for corporate takeovers caused it to post its first loss in six years. The blow makes Merrill Lynch the hardest-hit investment bank on Wall Street amid the recent market turmoil.
The losses were a big miss from what Merrill said it expected on Oct. 5. The company warned Wall Street at that time that it would take an almost $5 billion writedown for the quarter, because of its exposure to risky mortgage-related securities.
Chief Executive Stan O'Neal said the company continues to face uncertainty on the impact of its mortgage-related investments.