The Merrill train wreck

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Merrill is raising $8.5bn by issuing stock. $2.5bn of the proceeds will go Temasek, who bought stock in Merrill in December at 48 with the proviso that they get reimbursed if further stock offerings within a year are at a lower price.

They also sold toxic mortgage slop with a face value of $30.6bn for $6.7bn, or 22 cents on the dollar, to another company.

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