Merrill fixed income makes $15bn loss due to subprime woe

MERRILL Lynch followed Citigroup in revealing more subprime woes yesterday (Thursday) when it revealed net revenue losses of $8.2bn for the final quarter of 2007.

The losses were ascribed to writedowns of $11.5bn in ABS CDO and subprime related residential mortgages as well as $2.6bn from its hedges ...