Another One Bites the Dust...Figuratively?
An excerpt from Merrill Loses $10 B;
Merrill Lynch (MER), the world's largest brokerage, lost nearly $10 billion in the last three months of 2007, its biggest quarterly loss since it was founded 94 years ago, after writing down $14.6 billion of investments slammed by the ongoing credit crisis.
Merrill became the third of the five biggest Wall Street investment banks to post a loss for the quarter after taking massive write-offs related to the shrinking value of securities backed by mortgages that have soured as borrowers have been unable to make payments on time.
Just seems to prove Zounds's Law; Most people are paid an amount of money directly proportional to the amount of damage they can do. Overpaid Wall Street "Wizards" have cost billions; minimum wage earners eat the damage in the form of costly bailouts which deflate the dollar and increase the cost of living.
So what is our government up to today during the crisis...?
Congress begins hearings on baseball
And former Congressmen turned lobbyists:
Former congressman and delegate to the United Nations, Mark Deli Siljander, a Michigan Republican, was indicted on charges of working for an alleged terrorist fundraising ring that sent more than $130,000 to an al-Qaida supporter who has threatened U.S. and international troops in Afghanistan.
State of our country;
Going down...down, down, down, down!