QUOTE OF THE DAY….From IMF chief Dominique Strauss-Kahn, commenting on the financial crisis:
“Intensifying solvency concerns about a number of the largest U.S.-based and European financial institutions have pushed the global financial system to the brink of systemic meltdown.”
If he means “largest” literally, he’s talking about Citi, Chase, and BofA. I wonder if he’s talking literally?
Also: why only U.S. and European banks? How are things going in Asia and Australia? How have they managed to avoid the contagion?