The financial market crisis could cause losses of up to $600 billion at banks and other financial institutions worldwide, a German magazine reported on Saturday, citing an internal report by German financial watchdog BaFin.
The $600 billion figure represents a worst-case scenario for losses linked to the financial turmoil sparked by the meltdown in the U.S. subprime mortgage market, Der Spiegel magazine said in a story released in advance of publication on Monday.
“Based on current knowledge and the market situation, we believe $430 billion is more likely,” the magazine quoted what it said was a 16-page report by BaFin as saying.
I wonder who pays for it?
I don’t know, but I sure hope the people responsible for this mess…..the lenders……go to prison for many long years because of what they’ve done! They deserve it!