Truemors
Well they lived the business of selling sub-prime dept to investors.
The giant american investment bank made losses of $29 bn in the
sub-prime mortgage crisis scam. What are they doing now ? Business
as usual selling the loss of $29bn to it's London offices, where they
can balance the loss for decades, probably for 60 years. Enron outsourced
it's loss to offshore companies, what an effort.
So far this year financial companies across the world have reported writeoffs totalling £250 billion. Economists say this figure could double before the credit crunch comes to an end.
Merrill has offices across London including a financial centre at Paternoster Square by St Paul's Cathedral. which houses two of the largest trading floors in Europe.
Accountants said that the tax structure allows Merrill to offset losses from one part of the business.
John Gu, a tax expert at KPMG International, said: "It obviously makes commercial sense, though it would be subject to certain legal and tax law restrictions. No company wants the mismatch by losing money on one unit while paying tax on another profitable operation."
Merrill was founded in 1914 and has become one of the world's biggest banks
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