Monday, July 28, 2008
Merrill-y We Roll Along
Merrill Lynch has just sold $30 billion of face value mortgage products for $6.7b after listing as recently as last month these same products on their books at $11b+. Terrible, terrible news and in conjunction with a 20% stock dilution and subordination for stockholders. But not to worry, all the important people were tipped off as Merrill was lower and losing all day. Trading on insider information? Hoocoodanode?