Tower Group's Silva Says Merrill Can 'Absorb' Writedowns: Video

Ralph Silva, research director at Tower Group Plc, talks with Bloomberg's Rishaad Salamat in London about the outlook for banking company earnings, writedowns at Merrill Lynch & Co. and Northern Rock Plc's sale of 2.2 billion pounds ($4.3 billion) of mortgages to JPMorgan Chase & Co. to help repay loans from the Bank of England. Merrill, the third-largest U.S. securities firm, may write down $15 billion related to U.S. mortgage losses, almost twice its original forecast, the New York Times reported, citing people briefed on the plan. (Source: Bloomberg)

Bloomberg | January 11, 2008

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