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The End of MWM

Greetings all,

Letting everyone know that after somewhere around 28 years, when our annual hosting expires on 08/24/2025, Millennium Weekend Ministries we will not be renewing. Lack of interest for the past many years makes it clear to Esther and me that it does not make any sense to continue to keep the site running.

Many thanks to the handful of folks that have stuck it out with us. Perhaps very soon we shall all meet when we hear the glorious voice of our Savior calling us home to the Father's house. Certainly any who have placed their faith in Jesus Christ alone for their salvation, repenting with a "broken and contrite heart" (Ps 34:18 and 51:17) will find mercy and will indeed be caught up together to meet our Savior in the air.

What a glorious day that will be.

In Christ alone,
Andy
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US banks Citigroup and Merrill Lynch reveal fresh $15bn loss

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  • #1

    US banks Citigroup and Merrill Lynch reveal fresh $15bn loss

    US banks Citigroup and Merrill Lynch reveal fresh $15bn loss

    http://business.timesonline.co.uk/to...cle3671568.ece

    CITIGROUP and Merrill Lynch will heap further pain on Wall Street this week as they reveal additional sub-prime write-downs totalling $15 billion (£7.6 billion) or more.

    The new rash of Wall Street losses and write-downs come in addition to the billions that have already been recorded.
    The world’s biggest banks have suffered losses and write-downs totalling almost $250 billion since the beginning of 2007, according to analysts. Last week the IMF shocked markets by saying that global losses from the credit crisis could rise to $945 billion.
    The bad news just keeps rolling in.
    Tags: None
  • #2
    Re: US banks Citigroup and Merrill Lynch reveal fresh $15bn loss

    Wachovia Corp. said Sunday it will move up the release of its first-quarter financial results, an announcement that closely followed a report that the nation's fourth-largest bank is about to get a multibillion-dollar cash infusion.

    The Charlotte-based bank, which is struggling to digest its admittedly ill-timed purchase of mortgage lender Golden West Financial Corp., will report before the market opens Monday. The bank had been set to report its results Friday.

    The change was announced shortly after The Wall Street Journal reported Wachovia was working on the final terms of a deal that would bring in between $6 billion and $7 billion of capital. In return, the investor group would get shares priced at roughly $23 to $24 apiece -- about an 18 percent discount to Wachovia's closing share price Friday of $27.81.

    Wachovia's shares have sunk 48 percent in the past year, dropping from a 52-week high of nearly $57 as the housing slump and credit crisis pounded the nation's leading banks and financial service companies.

    The Journal cited people familiar with the matter and said officials at Wachovia could not be reached for comment. Wachovia officials did not immediately return calls from The Associated Press.

    The cash infusion would be Wachovia's second of the year. In January and early February, Wachovia added $8.3 billion in capital by issuing preferred stock and other securities to investors.
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    Issachar
    The church is on Earth to save souls from a lost world, not to save the world from lost souls.

    Man learns about history, not from history. To learn from history requires wisdom. Cut off from God, he has none, so history repeats; no new thing under the sun.

    I saw ten thousand talkers whose tongues were all broken - dylan

    Psalms 122:8 For my brethren and companions' sakes, I will now say, Peace be within thee.

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    • #3
      Re: US banks Citigroup and Merrill Lynch reveal fresh $15bn loss

      Market set to open lower after Wachovia loss

      Monday April 14, 7:47 am ET
      http://biz.yahoo.com/rb/080414/markets_stocks.html?.v=4

      NEW YORK (Reuters) - U.S. stock index futures fell on Monday, indicating Wall Street may start the week lower, after No. 4 U.S. bank Wachovia Corp (NYSE:WB - News) posted a surprise first-quarter loss.

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      • #4
        Re: US banks Citigroup and Merrill Lynch reveal fresh $15bn loss

        There was an article in yesterday's local paper, about banks locally with problems.
        The bank I have 1 account left with, made 6 million profit
        in 2006-2007 combined.
        I left this bank and started an account with another one, that has been in TN since the civil war (I'm not kidding!).
        They made almost as much as the first one (both years combined) in 06 alone, but lost $200K this past year.
        HOWEVER....The first one has 15 Million in TROUBLED loans or loans that might not be paid back.
        The second one does not.
        Am I right in concluding that bank #2 is safer?
        Well considering the fact they don't just loan out to anyone with an ID, like the first one does.
        The first one also has a LARGE illegal clientele, a lot of them coming from Desoto county Mississippi to cash their checks, which is 25 miles away.

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