League Tables: Trainwreck Edition

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Great news and greater news: global banks have come clean about 80 percent of losses on subprime-related assets, which means further admissions of fuck ups will be a relative drop in the bucket. “As a significant proportion of the losses have been disclosed, further ratings action arising from ABS-CDO and subprime RMBS exposures is likely to be minimal," said Fitch Ratings in a report today. Seriously—you won’t feel a thing. Even more exciting are the bragging rights earned by the four hardest working firms in the field of risk management. Fitch notes that Citigroup, Merrill Lynch, UBS, and IKB have accounted for 60 percent of all disclosed losses to date.

Banks Disclosed 80% of Subprime-Related Losses
[Reuters]

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