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Bankers 41 Trillion Mistake

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by Mark Stein
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Apr 21 2009 10:57am EDT

Bankers' $4.1 Trillion Mistake

Next time one of your investments go south, or you feel you foolishly frittered away a chunk of money, consider this.

The International Monetary Fund now estimates that the slowing global economy will push up aggregate losses at financial institutions worldwide between 2007 and 2010 to $4.1 trillion dollars.

That's just shy of the gross domestic product of Japan -- the world's second-largest economy -- in 2007. It amounts to more than $600 for every man, woman, and child on Earth, including the 1.2 billion people estimated to live on $1 a day or less.

by Mark Stein

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