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    Repiglican Roast

    A spirited discussion of public policy and current issues

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    I'm furious about my squandered nation.

    Monday, April 14, 2008

    US banks Citigroup and Merrill Lynch reveal fresh $15bn loss

    [...]

    Huge exposure to American mortgages is expected to result in Citi taking a $10 billion hit to its accounts, dragging the bank to a first-quarter loss of almost $3 billion. Some analysts believe Citi’s write-downs could stretch to as much as $12 billion.

    Merrill will suffer $5 billion of write-downs, analysts say, which would push the bank $2.7 billion into the red.

    It is expected to knock a further 20% from the value of its sub-prime holdings, in spite of the fact that it announced $18 billion of write-downs only three months ago.

    The new rash of Wall Street losses and write-downs come in addition to the billions that have already been recorded.

    The world’s biggest banks have suffered losses and write-downs totalling almost $250 billion since the beginning of 2007, according to analysts. Last week the IMF shocked markets by saying that global losses from the credit crisis could rise to $945 billion.

    [...]

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