Credit market losses will worsen

Nov. 13 (Bloomberg) -- BlackRock Inc. Chief Executive Officer Laurence Fink, who helped create the mortgage-backed securities market, said credit losses that have already cost banks and securities firms $45 billion will steepen.

Lloyd Blankfein, the CEO of Goldman Sachs Group Inc., the world's most profitable securities firm, is betting that the contagion from subprime mortgages will spread.

http://www.bloomberg.com/apps/news?pid=20601087&sid=aYvZsrIgA8W8&refer=home

 

ehhh what does he know?

 

There was no credit crunch. I's all a scam and a myth. Investment banks and regular banks are raking in tons of money. There is tons of credit and liquidity. Tons of buying. Tons of money.