[The company's total exposure to subprime loans] is limited, contained, and appropriately marked. I think the majority of our exposure continues to be now in the highest-credit segment of the market.
As we increase our risk-taking capabilities and increase our focus on trading, you will see and you have seen a general migration in our revenue lines from net interest to principal transactions.
~ Jeff Edwards, chief financial officer, Merrill Lynch, "Merrill Lynch's profit rises 31%," MarketWatch, July 17, 2007
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