Friday, January 18, 2008

Merrill Lynch Posts Biggest Loses in 94 years

Merrill Lynch on Thursday recorded its biggest quarterly loss since being founded 94 years ago after the world's largest brokerage took almost $15 billion worth of write-downs from bad subprime mortgage bets.Citigroup Inc., the nation's largest bank, reported on Tuesday a quarterly loss of almost $10 billion, the largest in its 196-year history.

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