RBS: Bank Failures May Reach 1,000 on Bad Commercial Loans
February 9, 2009
There are billions of dollars of losses embedded in the system, and the system has to flush them out,” Cassidy said. “The people that are going to take the losses are the taxpayers and bank stockholders, and if regulators say there won’t be much loss to taxpayers, they will be lying.
An RBS Capital analyst (from a Bloomberg article) has revised his estimate of the number of banks which are at risk of failing from 300 to 1,000 on the backs of commercial real estate losses which are “…embedded in the system, and the system has [yet] to flush them out.”
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