The Looming Debacle
If you think the subprime mess is bad now (h/t Jerome), you ain't seen nothing yet.
Next up: Citigroup. AP (11.04.07), via Eschaton:
"In a separate statement, Citi, which took a hit of $6.5 billion from asset writedowns and other credit-related losses in the third quarter, said it would take an additional $8 billion to $11 billion in writedowns."
Labels: boneheaded business, housing
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