The Bank of America has announced $5bn (£2.5bn) in writedowns resulting from
sub-prime related securities.
The massive writedowns are the
in a series of huge writedowns relating to the sub-prime mortgage collapse.
The bank said it planned to reduce its use of structured products.
It revealed trading account losses of $5.44bn which it says was driven by
large scale cutting down of collateralised debt obligations – groups of loans
packed into securities and repackaged for sale to investors – that it holds on
its balance sheet.
Wachovia, the fourth largest U.S. bank, also reported a $1.7bn writedown
yesterday, also as a result of the sub-prime problems
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements