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Last Of Big Brokers

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Merrill Lynch (MER) is the last big Wall Street firm to report earnings on Wednesday. However, there’s some internal strife ahead of that report.

CNBC’s Charlie Gasparino joins the conversation. Following are excerpts.

Gasparino says Merrill Lynch is caught in the crosshairs of subrpime worries and he says there’s speculation brewing that Merrill might take a bigger than expected write-down. According to his sources from inside the company the writedown could be as much as $5 billion in Q3.

He adds, and there could be a repeat of the third quarter write down in the fourth quarter. If that happens Gasparino thinks Merrill’s CEO, Stan O’Neal, could get the boot. The odds are 8-1 he says.

Jeff Macke tells the panel don’t try and pick the bottom here.

On a related note, Charlie Gasparino’s new book, “King Of The Club” goes on sale November 6th in bookstores everywhere.

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