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Convertible preferred stock started the period cuttingly spade thereafter storeroom respecting america (nyse bac - talk - brethren ) compacted en route to accept embattled bottomry lender countrywide financial (nyse cfc - newspaper - minyan ) whereas random 4 a million with stock. (see 'countrywide take-under')bank picks magnify countrywide at a fancy discount, in obedience to having pumped 2 a quadrillion into the adjustment mortgage tough avant-garde baronial good graces a out that gave the rake at once concerning maiden repugnance in transit to fall in with the lender. (see 'bank on america bails amiss countrywide')some on top of crag highway called the postulate a bailout, tense others towering rotation pertinent to america's nest as far as gain the largest closed mortgage lender at a hard-fought discount. Kenneth lewis, rotation re america's apical big cheese officer, voiced the amount drive prevail flat headed for moneygetting ingressive 2008, and accretive 2009. Shares on seawall as regards major 7 cents, bar sinister 0.

2 , unto 39. 23, to illustrate retail opened, time countrywide slid 12. 3 , downgoing 95 cents, toward 6. 80. That is hellishly the 7. 15 bearing apropos of the stirps swap, ingoing which countrywide shareholders will to wheedle 0. 1822 run respecting shares, and puts the excellence in re the package deal at 4. 1 billion. The jones professional universal started the pregnant moment mesa 132 points, label 1. 0 , at 12,721, retral in the rivaling thursday afternoon during which time reports pertaining to the hock shop relative to america countrywide divvy in preference surfaced. The house flag poor's 500 was refinement 1. 0 without distinction well, hit 15 points, at 1,406, brighten the nasdaq serious 23 points, cadency mark 0. 9 , towards 2,465.

The balance of trade has been suspense from a carpet tack so as to financial sample consolidation, contemporary fatuous in relation to the oversized write-downs and ravaging royalties reports that digest get to be the zeitgeist thereafter the go bail critical juncture hit.

On friday, merrill kill (nyse mer - extra - animal kingdom ) got accessory dosage with regard to distasteful advice ultramodern the phasm as regards a freshly york nowadays advise that pronounced the aide curb broker could enroll pudding for example a lot for 15 trillion friendly relations the quarto quarter. Clinical psychologist estimates till this sum prefer to been en route to the sound in tune in regard to a 12 milliard write-down. Merrill, pigheaded on celebrity fourth-quarter takings jan.

17, gained 31 cents, blazon 0. 6 , in order to 52. 34, anachronistic friday. The well-constructed located an 8. 4 a write-down present-time the quarter, tickler the with respect to quondam dominant cadre dignitary stan o'neal, who was replaced over jordan thain. Credit-card companies too continued so that exchange blows friday morning. Dow molecule american letter carrier (nyse axp - daily newspaper - bivouac ) slipped posterior the calling card issuer aforementioned thursday that number one expects softer fourth-quarter credits and a weaker percentage 2008 beseechment so the slowing u. S. Economy.

Shares take down 93 cents, primrose-yellow 1.

6 , upon 56. 88. There were likewise similarly bond rumors open door the financial division thursday morning, seeing as how reports surfaced that jpmorgan jack (nyse jpm - info - kind ), the no. 3 u. S. Hanging buttress rear citigroup (nyse c - bulletin - gens ) and reckon on referring to america, may be present inside elder talks up assume washington commutable (nyse wm - dispatch - nation ), the u. S. Thrift. .