2008-05-22finalternatives.com

Another pair of banks posted big losses in a Citigroup hedge fund, bringing the total lost by banks to more than $1.6 billion.

Wachovia Corp. said yesterday that it took a $315 million write-down on its investments in the Falcon Strategies fund. The bank had more than $1 billion—or 7%—of its bank-owned employee life insurance portfolio in the Falcon fund...

A third, regional bank also had a “sizeable” investment in Falcon, The Wall Street Journal reports, although the newspaper did not offer any further details.



Comments: Be the first to add a comment

add a comment | go to forum thread