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« It Aint Charity | Main | Bye By White Coat and Tie »
October 24, 2007 |Permalink |Comments (1)
Main Street versus Wall Street
What Is...
Merrill Lynch & Co. on Wednesday took a $7.9 billion write down because of the summer's credit crisis, a bigger-than-expected amount that raised the specter of more trouble ahead from risky home loans.
The world's largest brokerage was caught off guard by its bad bets, leading to its first loss in six years. Merrill Lynch's quarterly performance was the worst by far of the Wall Street firms.
The shortfall calls into question how one of the biggest names in finance could be so off the mark, just three weeks after telling Wall Street its losses would be significantly less.
"I'm not going to talk around the fact that there were some mistakes that were made," Chairman and Chief Executive Stan O'Neal told analysts during a conference call.
AND
What Will Never Be...
The Social Security Administration on Wednesday took a $7.9 billion write down because of the summer's credit crisis, a bigger-than-expected amount that raised the specter of more trouble ahead from risky home loans.
America's legendary safety net for older people was caught off guard by its bad bets, leading to its first loss in six years. Social Security's quarterly performance was just as bad as that of the Wall Street firms.
The shortfall calls into question how one of the Social Security could be so off the mark, just three weeks after telling Wall Street its losses would be significantly less.
"I'm not going to talk around the fact that there were some mistakes that were made," Social Security Chief Executive Stan Shunpike told analysts during a conference call. " I mean come on, it's not like we are playing around with people's financial security or anything like that." Shunpike added.
Comments ( 1)
I take Umbridge that you would take advantage of poor Stan Shunpike once again. Hasn't he suffered enough?
Unfortunately we've only seen the beginning of the subprime crisis meltdown. Thanks for pointing out how even top Wall Street brokerage firms are paying the price for their rapacious behavior.