Merrill Lynch Gets Cash Infusion

Merrill Lynch, which is trying to bail itself out of losses incurred from the subprime mortgage debacle, gets $6 billion from two new investors, one in Singapore and one in the U.S.


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.

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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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