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Analysts expected Merrill Lynch (NYSE: MER) to write down about $12 billion more in losses from its mortgage investments, but The New York Times reports this morning that it will actually write down $15 billion, or $3 billion more than anticipated when it reports earnings next week. That's in addition to the $8.4 billion write down in the third quarter for a total of $23.4 billion in losses from its mortgage fiasco.
The Times reports new Chairman and CEO John Thain is looking for investors who can help Merrill out of its mess with a $4 billion cash infusion. According to the Times, Merrill is in talks with investors in the U.S., Asia and the Middle East. Thain also is looking to sell off some assets to raise cash, such as Merrill's $4 billion stake in Bloomberg. Assets already sold to raise cash include a $1.3 billion sale of Merrill Lynch Capital to General Electric.
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