October 30, 2007
Merrill Lynch CEO O'Neal steps down.
The AP reports that Stan O'Neal will retire. Merrill Lynch has announced $2.2 billion in losses, due largely to the expansion of its portfolio in mortgaged-backed securities tied to the failing sub-prime market. ML's mortgage investments lost $7.9 billion in value during the third quarter. Earlier this year, investment banks that finance the mortgage industry pulled much of their money out.
Posted by JD Hull at October 30, 2007 11:59 PM