pshah

Merrill: Losing the Expectations Game

Felix, you are refuting your own arguement. You are right that Merrill of 2008 is not the same as Merrill of 2004. That's why its worth a lot less. MER of 04 had a massive dependence on CDO's etc that have turned into toxic waste.

Berman's point was that with the huge dilution of MER's stock, it would take a miracle to get a decent EPS for its shareholders.

And please don't accuse Thain of DOWNPLAYING Merrill's prospects. Even a caveman knows that's not true.

Why Merrill's CDO Sale Doesn't Mean Big Writeoffs Elsewhere

Vikram Pandit has a 'new broom' at Citi too - and probably bigger problems at the behemoth. Those 2005 CDOs are almost just as toxic as the 2006 & 2007 versions and its just a matter of time for their firesale value to be realized.
Remember - those 06 & 07 versions were rated the same as the 05: AAA.

I-Bank Execs: Read My Lips... No New Capital

Good article, Mike. You forgot to give special kudos to Dick Fuld of Lehman who invented a new explanation for his firm raising capital at the end of March: 'We didn't need the new capital but raised it to prove that we can...'