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The New York Federal Reserve said on Thursday it sold all its TRIAXX collateralized debt obligations from a portfolio of assets that was used in the government bailout of insurer AIG to Merrill Lynch, following a competitive bid process with eight other Wall Street firms.

A New York appeals court has thrown out a suit from bond insurer MBIA against Merrill Lynch, saying that sophisticated business entities should have understood what they were getting into.

While Aon's stock is within 2.6 percent of Merrill's price objective of $38, and in a comparable brokerage and consulting firm it would allow it to raise its price target modestly, Merrill said it did

The report, with estimates for 2008 and 2009 by New York-based Merrill Lynch, states that despite falling prices, the firm is "not expecting an irrational price war to emerge and price declines should