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in this case, it's not clear that banks will lose money. As I said, they have often sold on the risk to others (hedge funds, pension funds, etc...) so the losers may pop up in unexpected places. It may be the banks anyway if they finance funds, but it might be pensioneers of private pension funds...

But banks are quite big these days, so they will take a lot of the losses before it costs money to the taxpayer. We'll see.

In the long run, we're all dead. John Maynard Keynes

by Jerome a Paris (etg@eurotrib.com) on Thu Nov 30th, 2006 at 09:41:47 AM EST
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