IMF drives up the credit loss bidding to $4 trillion
The Times says the IMF is set to jack up its estimate of losses from the credit crisis to $4 trillion globally, in a report due out April 21. That compares to the IMF's January estimate of $2.2 trillion. The kicker? Financial firms have only acknowledged $1.29 trillion in losses to date, implying that we are not even a third of the way through the loss-recognizing process. Sobering stuff to be sure, if the IMF figures eventually prove accurate.