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Barclays

TJ_98370TJ_98370
edited November 2007 in The Economy
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Barclays damage less than feared

Barclays revealed less damage than feared on Thursday from the U.S. subprime mortgage meltdown, but tighter money markets signaled ongoing credit stress as the year-end approaches.

Britain's third-biggest bank said its investment bank unit made a 1.3 billion pounds ($2.7 billion) write-down due to exposure to credit market problems in the past four months -- far less than many estimates......
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Comments

  • AwaySoonerAwaySooner
    The problem is nobody really know how they comeup with all these accounting number. For example, if you look at CFC's writedown, it's a lot less than other banks because of their "mark to model" accounting. They basically say these worthless paper is worth 94 cent to a dollar and get away with it. In Jan we'll see all the Level 3 assets each bank own. I wouldn't be surprise someone is going to jail for accounting fraud.
  • TJ_98370TJ_98370
    It is interesting to note that some Seattle Bubble readers (Eleua for one) predicted problems related "mark to model" several months before the big banks started their write-down games.
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