Here is an interesting sum-up of where we are at the moment in the Telegraph:
"The IMF says European and British banks have 75pc as much exposure to US toxic debt as American banks themselves, yet they have been much slower to take their punishment. Write-downs have been $738bn in the US: just $294bn in Europe. "
That suggests the write-downs have only just begun! We have a lot more to come.
Today, it was the turn of Credit Suisse. They reported a CHF8.2 billion loss.
4 comments:
"Such times, such memories; will we ever see such days again ?"
Yes ...
...after the war.
Profits in the good years are still greater than the losses last year.
Perhaps there is still some hope for swiss banking.
CS Probably mitigated it's losses by writing UP the falling value of it's own bonds (lower liability = asset).
Here is an interesting sum-up of where we are at the moment in the Telegraph:
"The IMF says European and British banks have 75pc as much exposure to US toxic debt as American banks themselves, yet they have been much slower to take their punishment. Write-downs have been $738bn in the US: just $294bn in Europe. "
That suggests the write-downs have only just begun! We have a lot more to come.
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