Merrill Lynch & Co. said assets of Centro Properties Group, which lost $3.3 billion of its value this week, are collateral for $4.7 billion worth of bonds sold by Morgan Stanley, JPMorgan Chase & Co., Credit Suisse Group and other firms. "The worst case scenario is if Centro is unable to operate as an ongoing concern," said Roger Lehman, an analyst at Merrill Lynch. "This scenario would certainly raise the risk of the loans in question."

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