Brace for $1 Trillion Writedowns
That’s roughly on a par with the Russian economy. More than double the market value of Exxon Mobil Corp. About nine times the combined wealth of Warren Buffett and Bill Gates. The sad truth,is that subprime is just the first big boulder in an avalanche of asset writedowns that will rattle on through much of 2008. Expect the landslide to cascade through high-yield bonds, commercial mortgages, leveraged loans, credit cards and — the big unknown — credit-default swaps,
You must be logged in to post a comment.