Los Angeles Times (07/30/08); Hamilton, Walter
Wall Street analysts are wondering whether other investment banks will follow Merrill Lynch by unloading their subprime mortgage assets. On July 28, Merrill announced that it would sell collateralized debt obligations once worth $30.6 billion for just 22 cents on the dollar. It also said its total subprime write-offs over the last year have risen to almost $52 billion after its latest one estimated at $5.7 billion. Analysts say Citigroup has $22.5 billion of subprime assets, values its subprime portfolio at 55 cents on the dollar and could be forced to write off $8 billion this quarter.
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