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I think it is just the beginning. I honestly feel like we are in for a rough ride. The writedowns from these CDO traunches look brutal.. There is no way it's just some that were playing.
you know I read that Merrill wrotedown $8 billion. I couldnt really put that into context until I noticed that Merrill's whole net profit last year was only $7.49 billion. Maybe I'm wrong but does that mean that Merrill just lost a whole year's worth of work? That's outrageous.
ML was the most conservative on their valuations, so they took largest initial hit. Just wait and watch the other banks start falling over the next couple quarters.
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