Thursday, October 16, 2008

$640 Billion in Losses -- So Far

From Bloomberg:

Banks and securities firms have reported more than $640 billion in losses, writedowns and credit provisions since the start of 2007 and raised $611 billion in capital to offset those losses, according to data compiled by Bloomberg. New York-based JPMorgan, the biggest U.S. bank by assets, reported third-quarter net income yesterday of $527 million and Wells Fargo in San Francisco earned $1.64 billion.

Those are massive losses. But remember -- they're all contained to the financial sector so everything is A OK.