Merrill to Sell $8.5 Billion of Stock, Unload CDOs

CDO's at 20 percent of their face value - are you getting the picture?


Bloomberg.com: Worldwide: "July 29 (Bloomberg) -- Merrill Lynch & Co., the third- biggest U.S. securities firm, will sell $8.5 billion of stock and liquidate $30.6 billion of bonds at a fifth of their face value to shore up credit ratings imperiled by mortgage losses."

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