Tag Archives: Merrill Lynch Co

Bank of America to Boost China Construction Stake (Update1)

By David Mildenberg
Nov. 17 (Bloomberg) — Bank of America Corp., the company that’s buying Merrill Lynch & Co., plans to almost double its stake in China Construction Bank Corp. to about 19.1 percent.
Bank of America will exercise its option to buy shares in China Construction from China SAFE Investments Limited, the Charlotte, North Carolina-based company [...]

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Morgan Stanley has sold 3B of CDs.

MS has sold 3B of CDs. So this is the new business model. Instead of borrowing from the commercial paper market, these newly minted “banks” are gonna use proceeds from CDs and make leveraged bets. Actually a quite interesting model. The CD are stable funding sources that can bring them more staying power. But I [...]

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GMAC Leaves Individuals With $15 Billion of Car Lender’s Junk

By Ari Levy and David Mildenberg
Nov. 7 (Bloomberg) — GMAC LLC may leave thousands of individuals on the hook for about $15 billion of junk-rated debt unless the auto and home lender finds a way to pay its bills.
GMAC, the largest lender to car dealers of General Motors Corp., issued more than $25 billion of [...]

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“Broken Securities Industry Still Has $20 Billion to Pay Bonuses”

By Christine Harper and Serena Saitto
“Oct. 27 (Bloomberg) — Five straight quarters of losses and a 70 percent slide in its stock this year haven’t stopped Merrill Lynch & Co. from allocating about $6.7 billion to pay bonuses.
Goldman Sachs Group Inc. and Morgan Stanley, both still on track for profitable years, have set [...]

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Merrill Lynch Won’t Discuss Lehman Brothers Exposure

NEW YORK (Dow Jones)–Merrill Lynch & Co. (MER) dodged analyst questions
regarding Lehman Brothers Holdings Inc.’s (LEHMQ) bankruptcy exposure.
On Thursday’s third-quarter earnings conference call, the firm stated it does not
discuss specific numbers in terms of counterparty exposure.
Lehman Brothers, which filed for bankruptcy last month, has affected many Wall
Street banks that had significant counterparty exposure to Lehman.
The [...]

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