Merrill reports more write-downs

Merrill Lynch reported further losses on Monday, and expects a
write-down of $5.7 billion for the third quarter, bringing its losses
to $45 billion since last summer. Merrill, which announced earlier this month
that it would not be leasing at the World Trade Center, said it has
sold almost all of its troubled investments, once valued at $31
billion. To shore up its finances, Merrill plans to raise $8.5 billion
from common shareholders, including an investment arm of the government of Singapore.