Geneva - The global financial crisis could lead to losses of 1,600 billion dollars for financial institutes, according a report in the Swiss Sunday newspaper SonntagsZeitung. It quoted a confidential study by the hedge fund Bridgewater Associates as saying losses for banks holding risky assets could be four times greater than the 400 billion dollars previously estimated.
The hedge fund expressed doubts that the financial institutes would be able to drum up enough funds to cover the losses, something it said could exacerbate the crisis.
Emphasis added by me.
That is one-point-six trillion dollars.
A trillion should not be a surprise for anyone who has been reading this blog for months. See the Previously here at the end of this post.
I'm still waiting for CitiGroup to announce the massive employee and branch amputations.
I'm still waiting for the music to become discordant before screeching to a halt.
This masquerade cannot last forever.
Chronicles Of Depression 2.0: #130
Chronicles Of Depression 2.0: #099
$2-$6 Trillion … POOF! Gone!
The Two Trillion Dollar Spree
The Trillion-Dollar Spree, The Sequel