| The Rhea County Newspaper |
| "Rhea County's REAL Information Source" |
Merrill Lynch will announce a further $6 billion to $8 billion of asset writedowns in its
quarterly results this week, the Wall Street Journal reported on Wednesday, citing a
person familiar with the matter.
The Journal said in its online edition that the writedowns would take the total since
October to more than $30 billion and lead to a third straight quarterly net loss at
Merrill, the longest such losing streak in its 94-year history.
Investors have been bracing for more bad news from big U.S. banks reporting their
first-quarter results this week as the housing market collapse and credit market
turmoil has taken a big toll on their balance sheets.
Merrill is also preparing a cost-saving plan that will include job cuts of 10 percent to
15 percent in some struggling business areas, such as bond financing, the Journal
reported.
Currency traders in Asia said the article on Merrill caused a slight dip in the dollar
against the yen but that the reaction was muted because investors had been
expecting more such writedowns.
JPMorgan Chase (JPM.N), which took over hard-hit investment bank Bear Stearns
(BSC.N) last month, and Wells Fargo (WFC.N) both report their quarterly results later
in the day. Merrill issues its results on Thursday.
Earlier in the week Wachovia (WB.N), the No. 4 U.S. bank, posted a surprising
first-quarter loss as losses from its mortgage portfolio worsened. It has also cut its
dividend and raised $7 billion of capital.
With the economy in shambles, record losses, soaring fuel costs, sky rocketing
across the board expenses just for average people to get by, Dayton Mayor Bob
Vincent is either oblivious to the burden on the people or he doesn't give a damn
one. I don't know.
Mayor Vincent wants to build water systems, wants to sell water to neighboring
drought ridden areas, wants to buy new fire trucks (for what?), wants to give
massive pay increases, wants to... yada, yada, yada
The fact of the matter seems to be that Mayor Vincent isn't the little Papa Smurf
fellow he apparently wants people to think he is. We say, "Let's find out".
With the Dayton city council elections around the corner we feel that perhaps the
Papa Smurf fiasco may turn out to be more like one of those seven dwarfs...Which
one, well maybe we can have some sort of contest or something.
In any event, stay tuned folks as this series on Mayor Bob Vincent should prove to
be very interesting to say the least.
Keep those tips coming in!
quarterly results this week, the Wall Street Journal reported on Wednesday, citing a
person familiar with the matter.
The Journal said in its online edition that the writedowns would take the total since
October to more than $30 billion and lead to a third straight quarterly net loss at
Merrill, the longest such losing streak in its 94-year history.
Investors have been bracing for more bad news from big U.S. banks reporting their
first-quarter results this week as the housing market collapse and credit market
turmoil has taken a big toll on their balance sheets.
Merrill is also preparing a cost-saving plan that will include job cuts of 10 percent to
15 percent in some struggling business areas, such as bond financing, the Journal
reported.
Currency traders in Asia said the article on Merrill caused a slight dip in the dollar
against the yen but that the reaction was muted because investors had been
expecting more such writedowns.
JPMorgan Chase (JPM.N), which took over hard-hit investment bank Bear Stearns
(BSC.N) last month, and Wells Fargo (WFC.N) both report their quarterly results later
in the day. Merrill issues its results on Thursday.
Earlier in the week Wachovia (WB.N), the No. 4 U.S. bank, posted a surprising
first-quarter loss as losses from its mortgage portfolio worsened. It has also cut its
dividend and raised $7 billion of capital.
With the economy in shambles, record losses, soaring fuel costs, sky rocketing
across the board expenses just for average people to get by, Dayton Mayor Bob
Vincent is either oblivious to the burden on the people or he doesn't give a damn
one. I don't know.
Mayor Vincent wants to build water systems, wants to sell water to neighboring
drought ridden areas, wants to buy new fire trucks (for what?), wants to give
massive pay increases, wants to... yada, yada, yada
The fact of the matter seems to be that Mayor Vincent isn't the little Papa Smurf
fellow he apparently wants people to think he is. We say, "Let's find out".
With the Dayton city council elections around the corner we feel that perhaps the
Papa Smurf fiasco may turn out to be more like one of those seven dwarfs...Which
one, well maybe we can have some sort of contest or something.
In any event, stay tuned folks as this series on Mayor Bob Vincent should prove to
be very interesting to say the least.
Keep those tips coming in!
| Small Town Mayor "Gone Wild" ~~~~~~ Merrill Lynch to write down another 6-8 Billion Dollar loss while Dayton Mayor Goes Wild with Taxpayer Money |
