Merrill Lynch

Merrill Lynch Subprime Losses: A (Dirty) Laundry List

It appears that no firm is suffering more than Merrill Lynch as the subprime investment disaster unfolds. The crisis has led to significant financial and legal problems for the firm.

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Concern Over the Pricing and Valuation of Subprime Securities Escalates

Over recent weeks there have been growing concerns over the pricing and valuation of subprime securities by the major investment banks. Such pricings and valuations have serious implications for investors in both the investment banks and the subprime securities market.

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New York Attorney General Investigating Several Wall Street Firms Over Subprime Mortgage Securities

Three well-known investment banking firms — Merrill Lynch & Co., Bear Stearns Cos., and Deutsche Bank AG — are the target of New York Attorney General Andrew Cuomo who issued subpoenas on December 5, 2007, for information regarding the packaging and selling of debt tied to high-risk mortgages and their relationships with the firms responsible for rating the securities as investment grade.

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State of Massachusetts Sues Merrill Lynch Over Subprime Mortgage Loss

Merrill Lynch appears to have violated state law when, in early 2007, the firm sold $13.9 million of unsuitable, subprime CDOs to the City of Springfield without proper disclosure. Within months, the investments' book value sank 91%, to $1.2 million, with no hope of recovery.

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How Merrill Lynch Squandered the Funds of Springfield, Massachusetts — and Charged Multiple Fees

Part 1: Merrill Lynch recasts mortgage-backed securities as CDOs. Part 2: Merrill sells subprime-backed CDOs to the City of Springfield. Next: Merrill runs for cover as CDO values plummet.

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CDOs and the Cities: Merrill's Legal Issues in Springfield May Lead to More Suits. Acknowledging Liability?

Yael Bizouati

Posted: Monday, February 18, 2008

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