JPMorgan Tops Goldman as Richest Bank
Thu, 03/04/2010 - 04:36
As 2009 began, the world’s banks and brokers were in a deep hole. They had recorded some $1 trillion in credit losses and writedowns of their mortgage holdings in the financial crisis of 2007 and 2008, and markets were still reeling. To recapitalize, they issued stock -- a lot of it.
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