– This story is not remarkable in and of itself. There are always financial reversals and some of them can be quite uncomfortable for those affected.
– What I find notable here is that this story is part of a pattern that’s been growing for months now. I can’t recall a time when so many stories of financial losses have appeared. The world’s financial markets certainly have a lot of resilience and protections built into them – not to mention the vested interests of those who participate in them and who therefore want to see them healthy. But there must be a limit somewhere to just how many hits the markets can take without deep instability setting in.
– Here are a list of such stories plucked from the ever passing river of world news and data:
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UBS Reports Record Loss After $14 Billion Writedown
FDIC Approves the Assumption of all the Deposits of Douglass National Bank, Kansas City, Missouri
Banks may need $143 billion in fresh capital
French Bank Rocked by Rogue Trader
SunTrust: $555 Million in Write-Downs
Wachovia profit falls further than expected (98%)
BofA: $5.28 Billion in CDO Write-Downs
Writedowns Surpass $100 Billion
– I could go on, but need I say more?…