2008-08-15 — typepad.com
The massive losses taken by Wall Street Banks and Brokers is going to wipe out their profit for the next few years. About $500 Billion in write downs have already occurred. Best estimates for the total that will get written down range from $1 trillion to $2 trillion dollars.
That's not only very bad for the firms, their shareholders and employees -- its also going to be very challenging for the regions where they are headquartered and do much of their business.
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