Merrill's picked pockets
                   
cnn.com     Aug 6, 2008            

Merrill Lynch is supposed to know something about buying and selling assets. So how come it got so little upfront for its stake in Bloomberg? One year after the credit crunch began, Fortune looks back at who saw trouble ahead, and who just ended up in trouble. Merrill Lynch CEO John Thain has been praised for asset sales that, it turns out, the firm mostly financed. NEW YORK (Fortune) -- When Merrill Lynch announced last month that it would sell back its long-held stake in financial data provider Bloomberg L.P., chief executive John Thain was praised for moving aggressively to restore the firm's capital position and slim its bloated balance sheet. But a look at new Merrill SEC filings suggests that enthusiasm for the $4.43 billion deal is misplaced, as the transaction adds virtually no cash to Merrill's depleted pocketbook.... [read full story]                    


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