Merrill posts $2.3 billion loss!

The world's largest brokerage reported a net loss of $2.3 billion, or $2.85 a share, from continuing operations, compared with profit of $3 billion, or $3.14 a share, in the year-ago period.

Merrill cites the loss after a 7.9 billion dollar write down caused by shaky risk management and mortgages in default. This is the first loss reported by Merrill Lynch in six years.