The latest round of write-off announcements is especially disconcerting because there is no end yet in sight. There could be more to come--of indeterminate size. Let's face it, the pain felt at the homeowner level has not yet crested. No one would be surprised by another wave of foreclosures. In fact, people are counting on it. The impact on CDOs will be acutely felt. This looms as the kind of event that can really re-make the industry. It just might drive Merrill Lynch to merge and lead to a radically different Citigroup and Bear Stearns. The executive upheaval may not be over. No CEO is really safe right now. Stay tuned.  

For more:
- here's a Financial Times article

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