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Dwindling Herd

17 January 2008 By Antony Currie

Sure, Merrill s new boss has bolstered the firm s capital, and may have room to absorb more hits on its CDOs. But last quarter s $15bn writedown puts the Thundering Herd on a whopping multiple of 1.7 times book. Thain will have to pull out the stops to justify that.

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