They aren’t the only one.. trust me.
The sub prime lending mess is bigger than ANYONE is telling you or being honest about... and its unravelling is starting to unravel decades of piss poor long term fed policy.
A year ago I said this mess when all is said and done was going to be well over the Trillion dollar mark (experts were still clinging to rediculous notion that it would only be a few hundred billion)... Today its pretty obvious that it will be MULITIPLE TRILLIONS that will be gone when this is finally over.
According to the OCC, U.S. Comptroller of the Currency, at U.S. commercial banks alone, the total national value of the derivatives is $172 trillion.
JP Morgan 91.7 trillion
Citi 34.0 trillion
BoA 32.0 trillion
Biggest Loser is JP Morgan with $4.16 in exposure.
I just checked my seat belt, it is snug.