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THOUGHT FOR THE DAY!

"I am strongly in favor of using poisoned gas against uncivilized tribes. The moral effect should be good...and it would spread a lively terror.... "-- Winston Churchill commenting on the British use of poison gas against the Iraqis after World War I

 

Troubled Merrill prunes its stake in blue chips

The acute financial crisis in the US claimed yet another high-profile victim in Merrill Lynch early Monday. However, the repercussions were felt on the Indian bourses well before Bank of America agreed to buy the beleaguered financial institution. Reeling under massive losses and write-downs in excess of $50 billion, Merrill Lynch had pruned its stake in many blue-chip companies amid extremely bearish market since January this year.

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