03-10-2009, 08:35 AM
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Citibank, Bank of America , HSBC Bank USA , Wells Fargo Bank and J.P. Morgan Chase reported that their "current" net loss risks from derivatives â insurance-like bets tied to a loan or other underlying asset â<b> surged to $587 billion as of Dec</b>. 31 . Buried in end-of-the-year regulatory reports that McClatchy has reviewed, the figures reflect a jump of 49 percent in just 90 days.
The disclosures underscore the challenges that the banks face as they struggle to navigate through a deepening recession in which all types of loan defaults are soaring.<!--QuoteEnd--><!--QuoteEEnd-->
It is over 5 Trillion.
Citibank, Bank of America , HSBC Bank USA , Wells Fargo Bank and J.P. Morgan Chase reported that their "current" net loss risks from derivatives â insurance-like bets tied to a loan or other underlying asset â<b> surged to $587 billion as of Dec</b>. 31 . Buried in end-of-the-year regulatory reports that McClatchy has reviewed, the figures reflect a jump of 49 percent in just 90 days.
The disclosures underscore the challenges that the banks face as they struggle to navigate through a deepening recession in which all types of loan defaults are soaring.<!--QuoteEnd--><!--QuoteEEnd-->
It is over 5 Trillion.