$15B, £7.6B, €35B, -20% - dumping the increasingly disastrous financial news over the weekend
yep... keep leakin' it out, folks, in time-tested, bush administration fashion, over the weekend, when people aren't paying attention... (pssssst... people ain't really payin' any attention anyway...)
does ANYBODY, ANYWHERE have ANY IDEA of just how bad this is...? talk about whistling past the graveyard...!
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CITIGROUP and Merrill Lynch will heap further pain on Wall Street this week as they reveal additional sub-prime write-downs totalling $15 billion (£7.6 billion) or more.
In another sign of the intense pressure on leading banks, Deutsche Bank is attempting to offload some of its €35 billion (£28 billion) of toxic debt to a consortium of private-equity firms.
Huge exposure to American mortgages is expected to result in Citi taking a $10 billion hit to its accounts, dragging the bank to a first-quarter loss of almost $3 billion. Some analysts believe Citi’s write-downs could stretch to as much as $12 billion.
Merrill will suffer $5 billion of write-downs, analysts say, which would push the bank $2.7 billion into the red.
It is expected to knock a further 20% from the value of its sub-prime holdings, in spite of the fact that it announced $18 billion of write-downs only three months ago.
The new rash of Wall Street losses and write-downs come in addition to the billions that have already been recorded.
does ANYBODY, ANYWHERE have ANY IDEA of just how bad this is...? talk about whistling past the graveyard...!
Labels: Citigroup, credit crisis, economic collapse, economy, financial markets, financial meltdown, Merril Lynch, quarterly losses, subprime mortgage crisis, Wall Street, write-downs
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posted by profmarcus at
4/14/2008
