Tuesday, March 31, 2009
Alarming News: Bank Losses Spreading!
For the first time in history, U.S. banks have suffered large, ominous losses in a giant sector that, until now, they thought was solid: bets on interest rates.
In a moment, I’ll explain what this means for your savings and your stocks.
But first, here’s the alarming news: According to the fourth quarter report just released this past Friday by the Comptroller of the Currency (OCC), commercial banks lost a record $3.4 billion in interest rate derivatives, or more than seven times their worst previous quarterly loss in that category.1
And here’s why the losses are so ominous...
Money & Markets: Alarming News: Bank Losses Spreading!
In a moment, I’ll explain what this means for your savings and your stocks.
But first, here’s the alarming news: According to the fourth quarter report just released this past Friday by the Comptroller of the Currency (OCC), commercial banks lost a record $3.4 billion in interest rate derivatives, or more than seven times their worst previous quarterly loss in that category.1
And here’s why the losses are so ominous...
Money & Markets: Alarming News: Bank Losses Spreading!
Permalink posted by markw @ 4:38 AM 
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