On Friday, Merrill Lynch & Co. became the latest and biggest casualty of the credit crisis, warning that it will write down nearly $5.5 billion and report a loss when it announces third-quarter financial results.
In all, at least nine major banks have warned or announced they will take write-downs, set aside funds or take charges of roughly $21.8 billion related to subprime lending, the credit markets and leveraged-buyout debt.
That's a big total hit for the industry.
