Merrill Lynch is said to have incurred close to 29 billion dollars of loss due to the sub prime crisis
in their UK unit. Since the unit is unlikely to make profit in the coming quarters. This massive loss is expected to result in the unit not paying any tax to UK government for many years to come. Experts fear that the housing crisis is yet to peak, and hence more write offs are likely in coming quarters which
can put the UK unit existence under question.
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