NYT > DealBook
Merrill Lynch, in an effort to raise cash amid mounting mortgage losses, agreed Monday to sell the majority of its capital finance business to General Electric for an undisclosed amount. The deal will allow Merrill to reallocate about $1.3 billion of capital into other parts of its business, John A. Thain, the investment bank’s chief executive, [...]
WSJ.com: Markets
It's now conventional wisdom that a housing bubble has burst. In fact, there were two bubbles, a housing bubble and a financing bubble. Each fueled the other, but they didn't follow the same course.