As if banks and brokerages had not written off enough money for the subprime mistakes, the G7 experts think the figure could go as high as $400 billion.

According to the FT "this is sharply higher than the $120bn credit losses that Wall Street banks and other institutions have revealed in recent weeks – and also far bigger than the US Federal Reserve’s estimates for subprime losses last year of $100bn-$150bn."

Yes, that would be about a quarter of a trillion higher.

Douglas A. McIntyre