Both Citigroup and Merrill Lynch have gotten a cash infusion, but the news of the large write-offs for Citigroup was enough to roil the markets for yet another day: http://online.wsj.com/article/SB120038296316390867.html?mod=hpp_us_whats_news . For the day, Citigroup (C) was down over 7%: http://online.wsj.com/quotes/main.html?symbol=c&type=usstock%20usfund.
As companies reveal just how much the write-downs will be, the markets will react. Right now, the prices of the involved firms reflect the market's best guess of what the write-downs will be. When the revelations of the actual losses come out, the market will react if expectations are not in line with the actual losses.
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