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Holy Bankruptcy Batman!

July 17, 2008

Merrill Lynch reported a nearly $5 billion quarterly loss Thursday that surpassed even the worst estimates, hit hard yet again by writedowns across its books.

The nation’s largest brokerage said it lost $4.9 billion overall. It lost $4.6 billion, or $4.95 a share, from continuing operations, down from a profit of $2.01 billion, or $2.24 a share a year ago. Analysts polled by Thomson Reuters were expecting the company to report a loss of just over $1.8 billion, or $1.91 a share on this basis.

Damn. Our banks are faililng guys. . betta start putting your money under your mattress!!

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