Sunday, June 1, 2008

Paul Daniels has nothing on these guys!

Banks' credit crisis solutions have echoes of 1929 Depression

To free their books of the estimated $1,000bn (£505bn) of sub-prime assets and $340bn of leveraged loans banks have been left carrying since the credit markets shut down last year, lenders are offering to sell these damaged assets cut-price and - crucially - are willing to lend investors the money to buy them. In other words, the banks are providing new debt for the old debt they no longer want.

Posted by rental john @ 06:28 PM (437 views)
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