Mortgage insurers will trigger further writedowns

| 9 June 2008 10:09

Citigroup, Merrill, UBS Face Further Writedowns, Whitney Says

By Jeff Kearns

June 9 (Bloomberg) — Citigroup Inc., Merrill Lynch & Co. and UBS AG may post further writedowns of $10 billion on their debt holdings after the two biggest bond insurers were stripped of their AAA rankings, according to Oppenheimer & Co. analyst Meredith Whitney.

-Bloomberg News, 9 Jun 2008

See Credit Crisis Timeline for updates on writedowns. We are clearly in a second wave.

avatar About Edward Harrison

Edward Harrison is the founder of Credit Writedowns and a former career diplomat, investment banker and technology executive with over twenty years of business experience. He is also a regular economic and financial commentator on BBC World News, CNBC Television, Business News Network, CBC, Fox Television and RT Television. He speaks six languages, a skill he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College.

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