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Thinking About Merrill? Merrill to Sell Troubled Assets, Raise Capital
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- on July 29, 2008 8:41 AM EDT
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AP
Merrill to sell troubled assets, raise capital
Tuesday July 29, 5:36 am ET
By Joe Bel Bruno, AP Business WriterMerrill Lynch to cut mortgage-backed securities, raise new capital by issuing shares
NEW YORK (AP) -- Merrill Lynch & Co., in a broad move to clean up its troubled balance sheet, said Monday it will sell a big slice of its toxic asset-backed securities and issue new stock to raise $8.5 billion of fresh capital.The world's largest brokerage, struggling to right itself as the credit crisis continues, said it will issue more than 200 million new common shares as part of the deal. Merrill said it will write-down $5.7 billion because of additional losses on the sale of mortgage securities and hedging contracts.
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- Re: Thinking About Merrill? Merrill to Sell Troubled Assets, Raise Capital
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Merrill Charged Over ResearchMassachusetts Launches Civil-Fraud ComplaintBy JOHN HECHINGER
August 1, 2008; Page C7Massachusetts regulators accused Merrill Lynch & Co. of co-opting "supposedly independent" research analysts to help them dump collapsing auction-rate securities on unsuspecting customers.
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In its administrative complaint, Massachusetts officials called "particularly egregious" the way it said Merrill Lynch "co-opted its supposedly independent research department" in an effort to unload its own inventory
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- Re: Thinking About Merrill? Merrill to Sell Troubled Assets, Raise Capital
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AP
Merrill to face legal action for securities sale
Friday August 15, 11:50 am ET NY AG to commence legal action against Merrill Lynch as part of securities investigationNEW YORK (AP) -- New York Attorney General Andrew Cuomo says he will send a letter to Merrill Lynch & Co. notifying the investment bank it will commence a legal action against it as part of wide-ranging investigation into the collapse of the auction-rate securities market.
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