Mortgage Crisis Daily

Thus far write-downs in excess of $10 billion (USD) has been the playground of HSBC. Predictions, if they are correct, show HSBC will have some company in that lofty arena. Shares of Merrill Lynch & Co. fell almost 8% Friday in their biggest one-day decline since the aftermath of the Sept. 11, 2001 terrorist attacks, after Deutsche Bank downgraded its stock and predicted the Wall Street giant might have to write down as much as $10 billion in relation to the subprime mortgage crisis.

Other analysts predict further declines in the market on Monday as third quarter results continue to come in. One person said “I think the Fed has a pretty good idea of how bad it is. Why else would they cut rates and bomb Wall Street with another $41 billion in freshly printed bills the day after the rate cut in the face of a plummeting dollar?”

Hi, I'm Jen and I'm here to help. Submit your complaint here or get help here

This article, $10 billion write downs for HSBC and Merrill Lynch?, is just one of our articles from our Mortgage Crisis Daily

The Subprime Mortgage Crisis Before, During, and After

Mortgage Crisis Daily monitors banking problems and customer complaints and has done so since 1999. Writers hold no stock positions. Some material is used under the fair use copyright act.

We use Thomson Reuters News Service Calais in all production material but are not associated with Thomson Reuters, banks, or financial institutions in any way.

Incoming search terms for the article:

• hsbc 50 billion write down