Merril Lynch $5,7 Billion write off

[Pam_1]

Merrill Lynch shares fell 4.9 percent in extended trade on Monday after the brokerage said it would reduce its exposure to CDOs, take a $5.7 billion writedown and issue new stock (Reuters). And they want to advise us poor souls!

[kwagga]

Lesson: Don't trust investment bankers - NEVER. Capitalism has corrupted them all. They have an insatiable appetite for high risk as you can see, and in doing so screwing us all via the grapevine.

[topgun]

Oh boy, here we go again....so should capitalism and free enterprise (as a system) be dumped...in favour of socialism? or is it that human nature lends itself to greed and corruption, in this case facilitated by the way remuneration is structured in investment banks where the shareholders carry the risk and absord the losses while the traders get the bonuses if the deals come off....