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Prepare to bury the fatally wounded big banks
Financial Times, Sunday 18 JanuaryFriday’s bad news from Citigroup and Bank of America confirmed what many experts have long suspected: the subprime losses of 2007 were a bullet that fatally wounded the banks. Many lost so much money on toxic subprime mortgage-related derivatives that they have been essentially insolvent for more than a year. It has taken so long for these banks to fall only because of government support and some investors’ bottomless capacity for denial.
Previous Articles
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Citigroup bail-out is smart but not risk-free
Financial Times, Thu 27 November 2008
-
Hubris – is thy name Richard Fuld?
Financial Times, Sun 14 September 2008
-
Insight: A crisis of similar ingredients
Financial Times, Mon 11 August 2008
-
Do away with rating-based rules
Financial Times, Tue 8 July 2008
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Frank Partnoy has written...
- More about 'citigroup' than anything else
Frank Partnoy by numbers...
- 5 articles (since July 2008)
- Average article: 25 column inches (759 words)
- Shortest article: 23 column inches (693 words)
- Longest article: 29 column inches (868 words)
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