Credit Card Brains

From the WSJ: Merrill Lynch Swings to a Loss, Plans to Cut Another 4,000 Jobs

Merrill Lynch & Co. posted … $6.6 billion in write-downs related to mortgages, complex securities called collateralized debt obligations, and loans made to junk-rated companies. Merrill wrote down another $3.1 billion in mortgage-related securities held at its U.S. banks…

Merrill CEO John Thain, speaking on a conference call with analysts, said the period was “as difficult a quarter as I’ve seen in my 30 years on Wall Street” and said the next half-year will continue to be difficult.

Merrill makes another visit to the confessional.