$30 Billion Here

clipped from business.timesonline.co.uk THE world’s investment banks are to reveal a $30 billion (£14.9 billion) hit from bad debts as they unveil results that give the first real insight into the impact of the debt crisis. City analysts predict the banks will have to write down as much as 10% of the $300 billion of leveraged loans currently agreed but not yet syndicated when they report third-quarter results to the market. Banks are also expected to announce further hefty provisions to cover their exposure to commercial paper, including the so-called conduits and SIVs, a type of highly leveraged investment fund. In some cases profits for the third quarter could have been almost wiped out by a combination of exposure to bad debts and complicated commercial paper. Kian Abouhossein, banking analyst at JP Morgan, said: “The hits will essentially mean that some investment banks will have made almost no money over the last quarter. Profits will be close to zero.” “It’s going to be one hell of a week,”

and $30 billion there and pretty soon you're talking about real money...