Tim Worstall

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Timmy Elsewhere

January 25th, 2008 · 1 Comment

At The Business.

Financial scandals aren’t like they used to be in my day and more on that gender pay gap.

Tags: Timmy Elsewhere

1 response so far ↓

  • 1 Bob B // Jan 25, 2008 at 5:47 pm

    What scandal? Do you mean these?

    “US banking giant Citigroup has reported a $9.83bn (£5bn) net loss for the last three months of 2007. Chief executive Vikram Pandit said the loss had been caused by a $18.1bn exposure to bad mortgage debt and was ‘clearly unacceptable’. The company, the largest banking group in the US, said revenues during the fourth quarter fell 70% from a year earlier to $7.2bn.”
    http://news.bbc.co.uk/1/hi/business/7188909.stm

    “Wall Street banking giant Merrill Lynch has unveiled a huge loss for 2007, crippled by exposure to risky investments in the US housing market. It made a net loss of $7.8bn (£3.9bn) in the 12 months to the end of December from a net profit of $7.5bn in 2006.”
    http://news.bbc.co.uk/1/hi/business/7193915.stm

    Those look distinctly systemic to me.

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