CNBC is reporting that Merrill Lynch (MER) will likely take another writedown of between $3 and $5 billion, citing sources inside the company. CNBC:
The expected writedowns are likely to heighten the pressure on Merrill Lynch CEO John Thain and could threaten his credibility. If Merrill needs to raise cash, Thain has only a few options in front of him, which include buying or merging with a bank, selling Merrill’s stake in Bloomberg or BlackRock, or selling stock to raise capital.
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