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Thain Gets Testy As Merrill Writes Down Another $9.75bn

Merrill Lynch CEO John Thain is a thoroughly decent and honest man. He came to the firm on a turnaround mission some 8 months ago, promising to get his hands dirty and to make the tough decisions required to get the company back on the road to recovery.

Good As Goldman ?


The Goldman Sachs halo has slipped a little in the last few days, as the firm has found itself in the middle of a brawl involving allegations that some of its traders may have been behind attempts to manipulate the market by the spreading of false rumors. Goldman denies the allegations, effectively saying that the claims are nothing more than false rumors themselves.

Merrill Posts Big Loss, More Writedowns Expected

Merrill Lynch posted a bigger-than-expected second-quarter loss Thursday. The firm came in with a $4.65bn net loss in the period, after $3.5bn writedowns in CDOs, a $2.9bn loss on hedges with financial guarantors, a $1.7bn writedown on US financial investments, $1.3bn writedowns on residential mortgage exposures and $348m related to LBO financings.

Deutsche's Boss Has Been At It Again

Someone at Deutsche Bank has clearly got a diary note to make sure that CEO Josef Ackermann comes out on a regualar basis and makes inane comments about the state of the current market turmoil. He was at it again this week.

Firms Signing Up For Free Access To Global Candidate Database

The pictures of former Houlihan Lokey banking consultant Joshua Persky pounding the streets of New York's financial district trying to get a job sent a shiver up many a spine. Financial markets professionals, aware that we are in the middle of the worst market crisis probably since the 1930s, wondered if they were looking at their own future.