Financial Times FT.com

Going, going, gone: a rising auction of scary scenarios

By Martin Wolf

Published: March 11 2008 19:00 | Last updated: March 11 2008 19:00

Ingram Pinn illustration

What am I bid on financial sector losses from the US subprime mortgage crisis? Do I have advances on the $100bn suggested by Ben Bernanke, chairman of the Federal Reserve, only last July? Yes, I now have $500bn from the gentlemen from Goldman Sachs. Any advances on $500bn? Yes, I have $1,000bn-$2,000bn from Nouriel Roubini of New York University’s Stern School of Business. Any advances? Going, going, gone.

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