Read the Bills Act Coalition

Thursday, July 17, 2008

Bloomberg and Merrill parting ways

N.Y. Times:

'After more than two decades, Mayor Michael R. Bloomberg and one of his earliest business partners, Merrill Lynch, are parting company in a deal that places a public value on the mayor's private company, Bloomberg L.P. That figure: At least $22.5 billion. Mr. Bloomberg is expected to buy Merrill Lynch's 20 percent stake ... for about $4.5 billion ... It is part of Merrill Lynch's efforts to shore up its capital base, as it continues to suffer from bad mortgage bets that have led to billions of dollars in losses.'

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