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April 22, 2009

IMF: Financial Crisis Losses Total $4.1T Worldwide
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The International Monetary Fund is estimating banks and financial
institutions have lost an estimated $4.1 trillion during the financial
crisis. Of the losses, $2.7 trillion originated in the United States.
Testifying on Capitol Hill, Treasury Secretary Timothy Geithner said
banks’ vast amount of toxic assets is limiting their ability to lend and
borrow.

Treasury Secretary Timothy Geithner: “The cost of credit is still very
high. Reports on bank lending show significant declines in lendings for
consumer loans, for commercial and industrial loans, although mortgage
refinancings have picked up considerably. We may have to adapt and
expand them over time, but they represent the foundation of any credible
strategy to help ensure that this financial system is working for,
rather than against, recovery.”



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