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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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From: ldo79	11/2/2007 5:19:14 PM
	of 436258

Downage over - rally time. Merrill May Face $10 Billion in Losses, Deutsche Says By Allen Wan Nov. 2 (Bloomberg) -- Merrill Lynch & Co., the world's biggest brokerage, may need to write off another $10 billion of losses in collateralized debt obligations, Deutsche Bank Securities said in downgrading the stock today. ``New CDO writedowns could approach $10 billion given a worse CDO market,'' Deutsche Bank analysts wrote in a note. CDOs are debt securities backed by bonds or other loans, many of which have declined in value as the U.S. housing slump worsened. Merrill announced a larger-than-expected $8.4 billion writedown for the third quarter last week, leading to the ouster of Chief Executive Officer Stan O'Neal. The New York-based brokerage's rating was cut to ``hold'' from ``buy'' by Deutsche Bank. Merrill declined $4.91, or 7.9 percent, to $57.28 at 4 p.m. in New York Stock Exchange composite trading.

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