GE Commercial Finance was hurt when, as required once a quarter, it marked the value of securities it held on its books. Three areas hurt profit: equities including the value of Chinese securities, specifically a wind energy company whose value fell 45 percent. Another $4 billion in loans GE originates to sell declined in value, as did about $1.5 billion in securitizations for retained interest.
IMF warns of 'fire and ice' threat to the world By Edmund Conway in Washington Last Updated: 12:32am BST 11/04/2008
"Opening the IMF's spring meetings, Dominique Strauss-Kahn told ministers coming to Washington that there was only limited time to repair the financial system after the worst crisis since the Great Depression."
The head of the International Monetary Fund has warned that the world economy is trapped between "fire and ice" - the threat of slumping growth and of rising inflation.
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GE Commercial Finance was hurt when, as required once a quarter, it marked the value of securities it held on its books. Three areas hurt profit: equities including the value of Chinese securities, specifically a wind energy company whose value fell 45 percent. Another $4 billion in loans GE originates to sell declined in value, as did about $1.5 billion in securitizations for retained interest.
http://www.reuters.com/article/marketsNews/idINN1133364020080411?rpc=44
i.e., can you say 'derivatives'...
IMF warns of 'fire and ice' threat to the world
By Edmund Conway in Washington
Last Updated: 12:32am BST 11/04/2008
"Opening the IMF's spring meetings, Dominique Strauss-Kahn told ministers coming to Washington that there was only limited time to repair the financial system after the worst crisis since the Great Depression."
The head of the International Monetary Fund has warned that the world economy is trapped between "fire and ice" - the threat of slumping growth and of rising inflation.
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/04/11/cnimf111.xml
...that bad eh?
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