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Follow The Money: Banks Losing Millions
Views: 336
Mar 26 2015 09:50 AM | eds in Economy & Politics
Oil companies continue to get burned by low oil prices,
. . . but the pain is bleeding over into the financial industry.
Major banks, Citigroup, Goldman Sachs, and UBS, are suffering huge losses,
. . . from both directly backing some struggling oil companies,
. . . but also from buying high-yield debt that is now going sour.
$7 billion in high-yield debt, from distressed energy companies,
. . . was wiped out, according to Bloomberg, and
. . . High-yield energy debt, has swelled from,
. . . $65.6 billion in 2007 up to,
. . . $201 billion today.
03-26-2015 Source: Banks losing Millions
. . . but the pain is bleeding over into the financial industry.
Major banks, Citigroup, Goldman Sachs, and UBS, are suffering huge losses,
. . . from both directly backing some struggling oil companies,
. . . but also from buying high-yield debt that is now going sour.
$7 billion in high-yield debt, from distressed energy companies,
. . . was wiped out, according to Bloomberg, and
. . . High-yield energy debt, has swelled from,
. . . $65.6 billion in 2007 up to,
. . . $201 billion today.
03-26-2015 Source: Banks losing Millions
