Tuesday, February 19, 2008

Billion Here, Billion There

Another trip to the confessional.

PARIS — Credit Suisse on Tuesday announced new write-downs of $2.8 billion that cut $1 billion from its profit, in a stunning reminder of the difficulty banks face in valuing complicated financial instruments under current market conditions.

Ah, the difficulties. It's oh so hard to put a price tag on Big Shitpile.