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The Cost of The Credit Crunch

In all the talk about losses at individual banks and brokerages, sometimes it's easy to lose sight of the bigger picture. A report issued by the New York City comptroller yesterday nicely pointed to the forest made up by those trees. The collective profit loss at Goldman Sachs, Morgan Stanley, Merrill Lynch, Citigroup, Lehman Brothers, J.P. Morgan Chase and Bear Stearns was 65%, according to the report. And the damage would have been even worse if not for Goldman's miraculous/evil genius performance.
New York City, State Budget Outlooks Dim as Wall Street Falters [Bloomberg]