Word: writeoff
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Dates: during 2000-2009
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With each writeoff, outfits such as Merrill Lynch tried to tell us that the crisis was over when in fact each writeoff was exacerbating the situation. If they were writing down the value of their subprime related investments and raising capital, then didn't everyone have to do the same? And once that happened, the market for this stuff would get even thinner, requiring a spiral of writedowns. It has become a field day for short sellers, who are picking off the undercapitalized financial outfits...