Since Lehman Brothers has filed for bankruptcy, the financial fallout has been initiated and a seemly endless series of other banks have undergone the same fate. Banks who have invested in real estate loans and collateralized mortgages obligations are forced to take losses and write-downs, which affects the profitability, liquidity and solvency of the banks. Recently Jennigs State Bank of Spring Grove, Warren Bank of Warren and Southern Colorado National Bank of Pueblo have filed for chapter 11 which brings the tally up to 98 bank failures in the USA for this year alone. Thinking that we are over the top of this economic crisis is being too optimistic, some doom-mongering analysts think that around 500 banks will go bankrupt within the next two years.Nico Van Steenkiste
Bloomberg
Tradingmarkets.com
1 opmerking:
Clear message and good use of idiomatic expressions. Mind some accuracy issues
S1: Since LB filed for bankruptcy [action is completely over; you can use a simple present to talk about the action that started at that point and lasts until now]
S1: has been initiated: awkward choice of words
S1: seemingly endless [adverb + adjective]
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