Breakingviews | Merrill writedowns

Considered view

05 Oct 2007 19:00

Merrill's CDO pain

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Now it’s clear why heads are rolling: $5bn of writedowns related to CDOs, subprime and LBOs – more than any other Wall Street firm. Stan O’Neal has replaced some of his henchmen. But the Merrill boss bears ultimate responsibility for directing a strategy that backfired.

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