Tuesday, Nov 13, 2007
half trillion dollars of losses
BBC: Carnage on Wall Street as loans go bad
"But experts estimate that the total losses facing the financial sector could amount to between $150bn and $450bn, and that many of the banks have hidden losses that have been concealed in off-balance sheet instruments like "special investment vehicles".
"The gargantuan scale of potential losses is terrifying investors in banking stocks - which have fallen by 30% - as well as mortgage-bond investors."
"The reality is that most financial institutions have barely started to recognize the lower 'fair value' of their impaired securities,"
"The credit crunch is getting much worse and its financial and real fallout will be severe."
"One look at Citigroup, using SEC data, suggested that their potential liability could be $343bn rather than the $55bn they declared.
"
- If you do not have an admin password leave the password field blank.
- If you would like to request a password allowing you to add comments and blog news articles without needing each one approved manually, send an e-mail to the webmaster.
- Your email address is required so we can verify that the comment is genuine. It will not be posted anywhere on the site, will be stored confidentially by us and never given out to any third party.
- Please note that any viewpoints published here as comments are user's views and not the views of HousePriceCrash.co.uk.
- Please adhere to the Guidelines
No comments have been submitted.
Be the first person to add your comment by completing the form below.