International Herald Tribune, 16 Oct 2008, Bloomberg
NEW YORK: Merrill Lynch, the investment bank being taken over by Bank of America, reported Thursday a fifth straight quarterly loss as the credit crisis saddled the firm with at least $9.5 billion of write-downs.
The third-quarter net loss of $5.15 billion, or $5.58 a share, compared with a deficit of $2.24 billion, or $2.82, a year earlier, Merrill said in a statement. The average estimate of 15 analysts in a Bloomberg survey was for a loss of $5.18.
Merrill had to pay Temasek Holdings $2.5 billion to offset losses the Singapore-owned fund incurred after acquiring shares of the U.S. company in December. The purchase made Temasek Merrill's biggest shareholder.
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