Credit Problems Hit Europe Banks Harder Than US Counterparts

Photo of Douglas A. McIntyre
By Douglas A. McIntyre Published

The bankers in Europe are bigger suckers than the bankers in the US. At least that is what the FT claims. It says "Of the $387bn in credit losses that global banks have reported since the start of 2007, $200bn was suffered by European groups and $166bn by US banks."

The Institute of International Finance has discovered the reason for this. Salesmen from US financial institutions where able to dupe banks in the EU more than they were able to finesse domestic banks.

The greater fool theory still seems to be at work.

Douglas A. McIntyre

Contact [email protected] for any questions or corrections.

Photo of Douglas A. McIntyre
About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

Continue Reading

Top Gaining Stocks

CPRT Vol: 17,358,449
AMD
AMD Vol: 25,570,334
Fox
FOX Vol: 1,069,104
STX Vol: 5,246,750
Fox
FOXA Vol: 7,501,474

Top Losing Stocks

CTRA Vol: 73,319,495
AVGO Vol: 29,513,308
GDDY Vol: 2,085,032
AMAT Vol: 13,132,341
CRWD Vol: 6,750,293