US Recessions "Has Arrived"--Merrill Lynch

Well so far many financial Institutions big CEOs are losing their jobs, did I said losing their jobs? no they just recycle them like they do the trash, they will always become CEOs of yet another big elite corporate group, they are good at backing each other.

Many people are losing their investments with this financial groups because they have heavily depended on the mortgage backed investment and many never had to disclosure this to their stock holders.

E*Trade steps up turnaround effort
Online brokerage sells $3 billion in mortgage-backed investments, exits institutional trading business after shares hit all-time low.

Troubled discount brokerage E-Trade Financial Corp. said Wednesday it sold about $3 billion of mortgage-backed securities and municipal bonds in addition to the November sale of its $3 billion asset-backed securities portfolio.

money.cnn.com...

Sorry to bring this news to all out there that favor E-Trade, but they have waited this long and I am afraid that the damage is already done.

Keeping their financial deals hidden and away from their costumers has made things worst for many financial companies after the frist wave of housing trouble started.



[edit on 9-1-2008 by marg6043]

Update regarding Merrill Lynch itself: the NY Times is reporting that ML will take a $15 billion write-down of debt stemming from the mortgage crisis and will most probably sell off substantial assets and seek out large foreign "passive" investors; i.e., ones who will not demand board seats. The firm's full debt obligation is reported as $27 billion.

The article suggests Middle-Eastern or Asian state-backed corporate entities might pony up some billions to invest in ML, hinting towards China, as this is where CEO John Thain sees financial opportunities for the firm.

USB, Citigroup and Morgan Stanley all have already had huge "passive" stakes in the $8-10 billion range taken by foreign entities--looks like Wall Street is outsourcing itself as well.

The final stage in the globalization of the US economy. We are no longer a part of the global economy, we ARE the global economy. NWO is here.