News Buzz: Merrill Lynch Layoffs, Polygamy Sect's Children, and More

Brokerage giant Merrill Lynch is cutting 4,000 jobs after announcing a new round of write-downs totaling $6 billion. "This was about as difficult a quarter as I've seen in my 30 years on Wall Street," Merrill Lynch Chief Executive John Thain said. "We are planning for a slower and more difficult next couple of months and probably next couple of quarters but are also hopeful for our full-year 2008 results."

A Texas court will hear arguments today over whether children removed from a ranch operated by a polygamous sect should be returned or kept in state custody and assigned to foster-care families. More than 400 children were removed from the Eldorado, Texas, ranch nearly two weeks ago after a 16-year-old girl called an abuse hotline and reported that her husband, a middle-aged sect member, had raped and beaten her.

Hillary Clinton and Barack Obama debated last night in Philadelphia in advance of next Tuesday's Pennsylvania primary. Obama spent much of the night on the defensive, having to explain his recent "bitter" remarks and some questionable associates. On the other hand, Clinton was asked to explain her recent misstatements over sniper fire in Bosnia. Each candidate said, though, that the other would be able to beat John McCain in November, with Clinton saying "Yes, yes, yes."