Bloomberg: Merrill last week disclosed $8.4 billion of writedowns on loans and mortgage-linked bonds, leading to the biggest quarterly loss of its 93-year history. O'Neal, 56, is facing pressure to resign as investors, angered by a 29 percent drop in the stock price this year, question his ability to police risks. Merrill directors met Oct. 26 to discuss his potential departure, the Wall Street Journal reported.
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October 28, 2007
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According to WSJ, he's out, official announcement today.
http://online.wsj.com/article/SB119359304744274091.html
I wonder when CountryWide's shareholders will wake up and ditch Mozilo. The SEC is already investigating him for stock sales.
The folks at Calculated Risk have been watching the mortgage business.
http://calculatedrisk.blogspot.com/
Posted by: Tangurena | October 29, 2007 at 09:34 AM