A Trillion, Anyone?
"Financial firms are likely to face at least $600 billion of losses as the crisis triggered by the collapse of subprime mortgages batters banks, brokers and insurers, UBS AG analysts said in a report today. Financial institutions have disclosed more than $160 billion of writedowns and credit losses. Banks and brokers stand to lose $350 billion, according to estimates from UBS's global banking team." Financial Firms Face $600 Billion of Losses, UBS SaysWe're more fucked than we thought. "'We have to recognize the risk that the economy will suffer more damage than what consensus suggests,' wrote Geraud Charpin, head of European credit strategy at UBS in London."