US Bank Losses Continue To Worsen
April 13, 2008
Citigroup and Merrill Lynch will heap further pain on Wall Street this week as they reveal additional sub-prime write-downs totalling $15 billion (£7.6 billion) or more.
In another sign of the intense pressure on leading banks, Deutsche Bank is attempting to offload some of its €35 billion (£28 billion) of toxic debt to a consortium of private-equity firms.
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.
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Reading in April 21st 2008 Forbes magazine page # 34, Titled The Demise of the Euro.
Summary is that countries within the Euro have competing interests, the Latin block France/Italy/Spain are at odds with German bloc of nations (Germany, Luxemburg/and Netherland) Latins needing low interests rates to support a weak housing market, the German block focused purely on Inflation.
You hear about a US/Canada/Mexico Currency, not sure what is going to happen with the weak dollar and Fed’s policy, but alot of talk to changing currencies have floated around the US since the Euro hype.
We need to continiue to debate going back to the gold standard with the target of keeping gold to dollar at around $400-500.