Timmy ElsewhereJanuary 25, 2008 Tim WorstallTimmy Elsewhere1 CommentAt The Business. Financial scandals aren\’t like they used to be in my day and more on that gender pay gap. previousEh?nextGood Enough For You 1 thought on “Timmy Elsewhere” Bob B January 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. Leave a Reply Cancel replyYour email address will not be published. Required fields are marked *Comment Name * Email * Website Save my name, email, and website in this browser for the next time I comment.