Subprime Loss Causes Writedown of 380 Billion Dollars of Assets
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The writedown of assets by financial companies is truly staggering. A report out of Bloomberg Financials says that the write down of assets by Wall Street over the past year is 380 billion.
To put the number into terms we could deal with, that is saying that 1,900,000 homes with a value of $200,000 dollars could have had their value complete liquidated.
Scary.
The collapse of the subprime market that began last year caused at least $380 billion of asset writedowns and credit losses at companies including Citigroup Inc. and Washington Mutual Inc. Fallout from bad mortgages has toppled at least half a dozen hedge funds and the chief executive officers at Citigroup Inc., Merrill Lynch & Co. and UBS AG. via Bloomberg.com
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