큰 모험의 결과는 큰 손실

BIG RISK, AND A BIG LOSS
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BIG RISK, AND A BIG LOSS 큰 모험의 결과는 큰 손실 뉴욕 – 메릴 린치 사는 담보와 연관된 부채, 복잡한 구조의 부채, 서브프라임 저당 등에 노출된 결과 79억 달러를 손실 처리하게 되었다고 24일 발표했다. 그 결과 이 회사는 역사상 최대 규모인 23억 달러의 적자를 기록하게 되었다. 이러한 결손은 E. 스탠리 오닐 CEO의 리더십에 의문을 제기하였으며, 특히 이 회사의 결산 보고서에 올라있는 불안정한 자산들을 관리하는 능력이 이 회사 간부진에 있는지를 의심하게 만들었다. (ⓒ 2007 The New York Times) (ⓒ 2007 usabriefing.net) By JENNY ANDERSON and LANDON THOMAS Jr. In November 2005, Merrill Lynch's chief executive, E. Stanley O'Neal, told investors that the brokerage firm would shift its strategy and would become more aggressive investing its own money. The strategy, O'Neal said at the time, would "not in any material way add to the risk profile of our firm." Two years later, the bill for the strategy has come due. Risk, it turns out, carries a hefty price. Merrill Lynch said Wednesday that it would take a $7.9 billion write-down because of its exposure to collateralized debt obligations, complex debt instruments and subprime mortgages. A result is a $2.3 billion loss, the largest in the firm's history. The loss raised questions about O'Neal's leadership and most crucially the ability of his top executives to manage the risky assets on the firm's balance sheet. Merrill's earnings report capped a quarter in which most of the major banks posted severe profit declines, starting with Bear Stearns and its 61 percent downturn. Many took major write-downs, including $5.9 billion by Citigroup and $3.4 billion by UBS. But Merrill's $8 billion charge was by far the largest. In an unusual move on Wednesday, O'Neal participated in -- and dominated -- the third-quarter earnings call. He tried to explain the appearance of an additional $3 billion write-off in the last three weeks and to focus on the strong performances by investment banking and global wealth management units -- both up 23 percent -- and the record results in some areas of fixed income. Asked how Merrill got into a position to lose so much money, O'Neal said: "We made a mistake. There were errors of judgment made in themselves and errors of judgment made within the risk management function, and that is the primary reason those exposures exist." (ⓒ 2007 The New York Times) (ⓒ 2007 usabriefing.net)
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