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Broker Battle Begins, Goldman Says Time to Sell Merrill Lynch Shares
The battle of the Wall Street titans is heating up. Goldman Sachs(GS Quote) has put out a note to investors that it is time to dump shares of Merrill Lynch(MER Quote).
Goldman is saying that Merrill Lynch is trading at the highest price-to-book multiple in the large-cap brokerage space, despite having some of the most significant exposures to troubled assets such as collateralized debt obligations, mortgages, and leveraged loans. Merrill Lynch has gone through more than $46 billion in writedowns since last summer. ...
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