February 11, 2008
From today‘s Financial Times:
“Speaking after the meeting of Group of Seven finance leaders, Peer SteinbrÃ¼ck, German finance minister, said the G7 now feared that write-offs of losses on securities linked to US subprime mortgages could reach $400bn.
“This is sharply higher than the $120bn credit losses that Wall Street banks and other institutions have revealed in recent weeks – and also far bigger than the US Federal Reserve’s estimates for subprime losses last year of $100bn-$150bn.”
“A billion here, a billion there, and pretty soon you’re talking about real money.”
—Senator Everett M. Dirksen