Mortgage crisis hits Norway Tuesday, January 29, 2008
Posted by ei-forum in Miscellaneous.trackback
It looks like there are greedy/irresponsible investors outside of the US too!
A small town in Norway – Narvik – announced that it has lost 64 million dollars (!) on investment products from Citigroup and could stand to lose even more:
- New York Times article: link.
This news come as more and more municipalities and SMEs in Europe are starting to report that they were ‘strongly advised’ by their bankers to invest in C.D.O.s and other risky investments….
Despite the fact that markets have picked up in the last days, no one knows what is going to happen as the current climate remains very tense. We are currently facing a huge international crises as recent economic growth throughout all spectrums has been driven by ‘borrowed money’…
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