Chronicles Of Depression 2.0: #099

BANKS FACING WOES

May 14, 2008 — Wall Street’s banks and brokers aren’t out of the woods yet, a former director of the Federal Reserve Board told The Post.

Even after already grappling with losses and writedowns of around $350 billion, financial firms may need to solicit more cash from deep-pocketed investors to bolster their business, said Vincent Reinhart, former director of the Fed Board’s Division of Monetary Affairs.

“Losses [that financial firms] are talking about are bigger than what’s already been admitted,” said Reinhard, who added that financials may face another $659 billion in writedowns and losses.

Emphasis added by me.

Anyone who’s been reading this blog for a while shouldn’t be shocked by that news.

I’ve already mentioned two trillion here, one trillion here, and two to six trillion here.

It’s not over. Not nearly.

Explore posts in the same categories: C.O.A.T. - Money, C.O.A.T. - Scams, Depression 2.0, Uncategorized

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