New York Times (04/17/08)
Merrill Lynch has reported a loss of $1.96 billion for the first quarter this year, blaming the loss largely on more than $9.4 billion in write-downs and "credit valuation adjustments" related to its holdings in mortgage securities and loans meant to finance leveraged buyouts. A year ago, the firm posted $2.16 billion in profit and $9.6 billion in revenue. Merrill Lynch continues to be hammered by problems in the housing and credit markets and has written down $27.4 billion for three straight quarters. According to John Thain, chairman and chief executive of Merrill Lynch, the firm has made some positive strides in improving the condition of its mortgage-related businesses.
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