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.