Word: quartered
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Lewis had long coveted the retail brokerage business. Merrill Lynch, with its legions of investment salespeople, was to be Lewis' crowning acquisition. It ended up being his undoing. In the quickly hatched deal, Lewis paid $19 billion for Merrill, which most people agreed was nearly bankrupt. In the fourth quarter alone, Merrill Lynch lost more than $15 billion...
...absorbed a series of blows for his stewardship of the company during the financial crisis - particularly his bold takeover of Merrill Lynch in September 2008, which many critics believe was not worth the $50 billion price tag. Merrill went on to lose more than $15 billion in the fourth quarter last year; Bank of America's stock price has since fallen by half...
...cold drinks and candy bars, but as consumers spend more and more on meals away from the home, ramping up food services is now seen as key to the industry's future. In Thailand, 7-Eleven sells burgers. In Japan, they fry their own chicken. In the U.S., a quarter of the chain's stores have rolled out oven-cooked pizzas. 7-Eleven's rival in Hong Kong, Circle K, serves toast and pasta dishes. "Convenience stores as an industry are heavily reliant on product categories such as cigarettes, which are under extreme pressure from a health and regulatory perspective...
...show up on 2009 income statements. Instead, each bank will add an asset, a big one, to its balance sheet, right below where the cash they just handed over to the FDIC used to be. It will be called something like prepaid FDIC premiums. The asset will shrink each quarter by the amount each bank normally would have paid the FDIC. As the bank shrinks the asset, it will book the normal cost it would have paid the FDIC in fees that quarter, except as we all know, the fees will have already been paid...
...There's also the matter of the economic downturn. The worst recession since World War II will see Europe's biggest economy contract by 5% in 2009. While Germany's economy grew 0.3% in the second quarter of this year, it will still be a slow climb out of recession. Unemployment is set to rise next year once government subsidized short-term labor contracts are phased out. The budget deficit is expected to pass 6% of GDP in 2010, thanks mostly to a dip in tax revenues. Some economists say the center-right government will be penned in. "There...