Bigger write-downs seen at Merrill and Lehman cuts estimates

Merrill Lynch & Co. could write down as much as $5.4 billion on distressed assets in the second quarter, an analyst for Lehman Brothers Holdings said Friday, the second day banking analysts have taken aim at the firm's estimated second quarter results.

"We did a deeper review of Merrill's monoline exposures on asset-backed security and collateralized debt obligation assets which had not previously been highlighted," Lehman analyst Roger Freeman wrote in a note to investors. "This incremental $1.7 billion of write-downs constitutes the majority of our adjustment."

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- Posted: 2008-06-27 11:08:51

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