Merrill, Wachovia in Danger of Failing: Strategist
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2008-08-18 — cnbc.com
The cash companies need to shore up bad investments [says David Kotok], "is up to about $50 billion and will probably top $100 billion before it's over... Those firms -- Merrill, Wachovia and others -- are going to have to raise that cash... They are either going to have to get it from the Federal Reserve, through some direct or indirect means, which means more leverage, more Fed balance sheet, more regularly oversight or they're going to have to get it in the capital markets."
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