MERRILL LYNCH: US Sub-Prime Gambling Debts Paid for by Briti
August 19, 2008 · Print This Article
The US sub-prime market is a global event and threatens to undermine tax revenues of governments across the world.Merrill Lynch has run up a $29bn loss from its collateralized debt obligations, which are backed, though not completely, by subprime mortgages. This debt has now been channeled through its UK subsidiary, Merrill Lynch International.
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