The good, the bad and the ugly

May was a good month. First came news that US asset manager BlackRock, which is 49.8% owned by Merrill Lynch and manages about $1,360 billion in assets, had bought a portfolio of subprime securities worth approximately $22 billion for an aggregate sale price of approximately $15 billion. The securities will go into a new fund that will be managed by BlackRock. The fund purchased the securities using approximately $3.75 billion in equity raised by BlackRock from investors and a multi-year

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