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“What’s clear from the behavior of European financial markets over the past two weeks is that the dramatic stories of financial meltdown and panic are deliberately being used by certain influential factions in and outside the EU to shape the future face of global banking in the wake of the US sub-prime and Asset-Backed Security [...]

NEW YORK (MarketWatch) - Merrill Lynch & Co. could write down as much as $5.4
billion on distressed assets in the second quarter, an analyst for Lehman
Brothers Holdings said Friday. Lehman analyst Roger Freeman upped his estimate
for Merrill’s write-downs by $3 billion and now sees the bank reporting a
second-quarter loss of $2.78 a share, compared to [...]