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Non-Tech : MER MERRILL LYNCH & CO.
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To: Wyätt Gwyön who wrote (237)8/18/2002 5:31:12 PM
From: rkral   of 266
 
Mucho, what REALLY is MER's FY2001 revenue, in your opinion.

Here are some numbers (im millions) from the 10K:
Revenues
___Interest (principally from affiliates)_________$3,397
___Management service fees (from affiliates)________$448
___Other_____________________________________________$14
___Total__________________________________________$3,859

___Interest Expense_______________________________$3,694
___Net Revenues_____________________________________$165

These numbers look like MER borrows a bunch of money
and then lends it to their affiliates. That interest
income seems bogus to me .. leaving "Net Revenues" as the
REAL revenue number. Or maybe even the "Management
service fees".

What is your opinion? Thanks.

Ron
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