NEW YORK CITY-According to columnist Floyd Norris, US banks continue to suffer loses due to loans availed prior to the recession turning sour. Many banks chose to take on huge amounts of debt without taking the necessary precautions to safeguard against such massive fallout.
The nation's four prominent banks, Wells Fargo, Bank of America, Citigroup and JPMorgan Chase, have suffered $9.8 billion in losses from loans they have bought back and loans they will be compelled to buy back. For the full story, go to The New York Times.
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