In 2008, in the midst of the financial crisis, the brokerage firm Merrill Lynch sold $6.6 billion
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In 2008, in the midst of the financial crisis, the brokerage firm Merrill Lynch sold $6.6 billion of its own preferred shares through private placements to long‐term investors. This sale was intended to enhance its capital position. Ultimately, the infusion of capital was too little, too late as Merrill’s liquidity position forced it to accept an acquisition offer by Bank of America later in the year.
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Related Book For
Investments Analysis And Management
ISBN: 9781118975589
13th Edition
Authors: Charles P. Jones, Gerald R. Jensen
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