On July 28, 2008 Merrill Lynch announced that it would write down approximately $5.7 billion for the 3rd quarter and also raise capital by selling shares equivalent to $8.5 billion. Consequently, Merrill Lynch’s losses and write downs in the past year is almost $20 billion and $40 billion, respectively. These hefty write downs and the need to raise additional capital was somewhat offset by worries over the impact of the U.S.-routed financial problems on the world economy, and as a result, the U.S. Dollar traded flat in early trading today.