Posted on July 29th, 2008 in Daily Stock Market / Economic News - The Real Story, Mr Mortgage's Personal Opinions/Research
Thank goodness for Ritholtz. He makes my job easy sometimes. This is a direct re-post for Barry’s ‘Big Picture’ blog.
Direct from yesterday’s press release:
“On July 28, 2008, Merrill Lynch agreed to sell $30.6 billion gross notional amount of U.S. super senior ABS CDOs to an affiliate of Lone Star Funds for a purchase price of $6.7 billion. At the end of the second quarter of 2008, these CDOs were carried at $11.1 billion, and in connection with this sale Merrill Lynch will record a write-down of $4.4 billion pre-tax in the third quarter of 2008.
Now go to The Big Picture site to see how this story ends since I do not have permission to re-post.