Credit Crisis...

Sub prime crisis drew many bloods -

- CITI wrote off $8-11 billion due to subprime.
- UBS lost $10 billion
- Morgan Stanley by $6 billion
- Barclays took hit by £1.5 billion

... and it is believed that lot more await.

Here is the sample news to indicate how deep the crisis is ...
JP Morgan Chase is buying Bear Sterns for $236 million which was valued at $20 billion two weeks back. [News]

Size of the subprime market based on outstanding loan is $1 trillion and out of that $200 billion defaults are expected. Finance companies which were trying to capture the lion's share in subprime market will have to take lion's share in losses too.