Business News from Times Online
John Thain, the new chief executive of Merrill Lynch, yesterday managed to raise $7.5 billion in cash to shore up the investment bank's damaged finances by selling part of its lending business and a stake in itself at a substantial discount.$
Telegraph Business - telegraph.co.uk
Philip Richards, chief executive of RAB Capital, the hedge fund manager with a 7pc stake in Northern Rock, has attempted to improve relations with the stricken bank after forcing it last week to agree to an emergency meeting for shareholders.