Merrill Lynch Reports $2B in First-Quarter Losses
One of the country's biggest investment firms, Merrill Lynch, on Thursday announced net losses of nearly $2 billion for the first quarter of the year. The losses are due to bad investments in the mortgage market — and come on top of last year's record losses as a result of the housing market meltdown. Merrill's CEO John Thain is now trying boost confidence among shareholders.
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