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MERRILL LEVEL 3 ASSETS SURGE 70% TO $82.4 BILL IN Q1
http://www.scoopit.co.nz/ story.php?title=MERRILL-LEVEL-3-ASSETS-SURGE-70-TO-824-...
Merrill is getting very good at the number one game on Wall Street, a€˜Hide the Mortgages'. When worthless mortgage paper is presenting a problem to your financial sitaution, move them to your Level 3 books, mark them at par or better and put out a press release saying a€˜we don't need to raise anymore capital'. Merrill's top competitors in this game are Goldman, Lehman, Citi, Chase, Morgan, Bear etc. The usual suspectsa€¦the ones (other than Citi) that posted a€˜really great earnings' last quarter. » original news
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