The New York Post reports that Merrill Lynch & Co. has closer to selling its 20 percent stake in Bloomberg LP, and the buyer is the blind trust of Michael Bloomberg.
“A spokeswoman at Merrill declined to comment, and calls to the Mayor’s office were directed to Bloomberg, where a spokeswoman also declined to comment.
“Merrill also is said to be working out ways to sell its 49-percent share in asset-management firm BlackRock, as well as other moves to shore up its balance sheet.
“When Bloomberg became mayor in 2002, he put his 68 percent stake in Bloomberg LP into a blind trust. He also gave up running the company.”
Read more here.
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I am afraid that even with the asset sales and due to the huge potential write downs in the future, MER will still be losing money in the short term.