A statement from Merrill Lynch:
"During a recent evaluation of certain positions, we discovered an irregularity. We informed regulators immediately and are working closely with authorities to thoroughly investigate the matter. Senior managers of the business are focused on the issue and believe the risks surrounding possible losses are under control."
The FT reports that the irregularity concerns a London-based foreign exchange trader who had earlier reported a trading profit of $120 million.
Friday, March 6, 2009
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