How Do You Like Me Now?

Published Sunday, June 01, 2008

When it Began, the credit crisis had little to do with retail brokerage. After all, the fixed income departments were the ones who made the bad mortgage bets that have since unraveled, resulting in a pileup of more than $200 billion dollars in write-downs and hundreds of billions more to come. In fact, last year the wealth management divisions of the big-name brokerages were humming. Take Merrill Lynch, which posted a $10 billion loss in the fourth quarter of 2007, the result of a $16 billion write-down on the value of its collateralized-debt obligation (CDO) exposure and home ...

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