Billion Dollar Subprime Write-Downs Cause Heads to Roll, Ratings Downgrades at Citigroup, Merrill Lynch
November 8, 2007
Citigroup and Merrill Lynch have pushed out their top executives after massive, multi-billion-dollar writedowns due to losses on subprime mortgages. And both companies got hit with ratings downgrades too, as the mortgage market meltdown shows no signs of...