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October 6, 2008
Credit Market Writedowns: The U.S.'s Toxic Export
Something Wall Street has done very successfully in the current crisis is export risk. Through syndication it was able to move a lot of toxic paper around the world, perhaps not as much it wishes it had, but a surprising amount.
Driving that point home is the following figure showing credit-related banking writedowns in the U.S. and Europe. The latter region leads in a big way, which helps explain the current pain being felt in regions otherwise not connected to the U.S.
More here.
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