Tuesday, March 10, 2009


By Creature

That's the dollar amount in billions that our major banks have reported as their "current net loss" from derivates tied to such vehicles like mortgages and other loan instruments. It's a number that "reflect[s] a jump of 49 percent in just 90 days." It's a number far worse than expected. As McClatchy reports, if the economy recovers, the banks could easily cover that gap. However, if the economy continues to tank, it's not just Citi and BoA that will fall. Hold on to your hats and your wallets.

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