Merrill Lynch Gets Cash Infusion
STEVE INSKEEP, host:
Our business news starts with a Christmas cash infusion from Merrill Lynch.
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Merrill announced yesterday that it would get more than $6 billion from two investment groups.
Don't you love the sleigh bells in this dim sight? We're going to bring it up for a couple of seconds. Bring it up, bring it up. There we go. Anyway, let's on with this thing.
One is an investment fund run by the Singapore government and the other is U.S. money manager Davis Selected Advisers. They are both investing in Merrill Lynch. Merrill has been trying to raise capital to help bail itself out of huge losses related to the subprime mortgage crisis. Merrill has already taken nearly $8 billion of write-downs from bad bets on risky mortgage backed securities.
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