$50+ billion in defaults coming:

Discussion in 'Trading' started by capmac, Nov 21, 2007.

  1. capmac

    capmac

    09:15 Bank default swaps at highest on record amid writedown concern - Bloomberg

    Bloomberg reports the risk of banks defaulting on their debt rose to the highest on record as losses by Freddie Mac fueled concern that lenders will add to more than $50 bln of writedowns worldwide. Credit-default swaps on the Markit iTraxx Financial Index, a benchmark for the cost of protecting the bonds of banks and insurers, rose 6 basis points to 63.5, the highest since its start in 2004. Contracts on Barclays rose 6 basis points to 70, and Swiss Reinsurance, the world's biggest reinsurer, climbed 10 to 61.
     
  2. don't worry subprime is contained, it won't spill over...

    lol
     
  3. Always good to know that there is some insurance out there....and still some willing to collect premiums....:p
     
  4. S2007S

    S2007S

    Didnt those talking heads say it was contained about 5 months ago. Its not contained, I remember when they said tech stocks were immune to these problems, I think thats funny because they are not immune, you have to be a fool to think this mess is contained, it will take many years to fix it.
     
  5. Bowgett

    Bowgett

    $40b looks low to me. Banks already written off about $40B. At least another $100B is coming in Q4 and Q1.
     
  6. bgp

    bgp

    did you here dumbshit kudlow blowing about the banks could take a 500 bil. $ hit and it would only be 1/4 of there profits for 1 quarter. did i here that right? i'm wondering if he is still snorting cocaine?

    bgp