"The investment bank, whose loss was far worse than what the firm forecast less than three weeks ago, said it had to write down its collection of mortgage-backed assets by $7.9 billion, up from its earlier estimate of $4.5 billion. Some investors saw the Merrill loss as a sign that the financial industry still might not have a full grip on problems related to risky, subprime loans."
"The shortfall calls into question how one of the biggest names in finance could be so off the mark, just three weeks after telling Wall Street its losses would be significantly less."
RIP "Stan the Man".
Google for sources.