Global financial sector credit crisis losses near $1,000bn; Paulson abandons toxic assets plan; Consumer credit markets “ground to a halt”
Nov 13th, 2008 | By Finfacts Ireland Business & Finance Portal | Category: News worldwide
The global financial sector’s total losses from the credit crisis are approaching $1,000bn after recent acceleration of the turmoil in the markets. In related news, US Treasury Secretary Henry Paulson on Wednesday, officially abandoned his original plan to buy toxic assets from financial institutions and said US consumer credit markets have effectively "ground to a halt."