$945 Billion Loss?

$945 Billion Loss?begin quote:"The IMF, whose core mission is to maintain global financial stability, said there was "a collective failure to appreciate the extent of leverage taken on by a wide range of institutions -- banks, monoline insurers, government-sponsored entities, hedge funds -- and the associated risks of a disorderly unwinding."

"It is now clear that the current turmoil is more than simply a liquidity event, reflecting deep-seated balance sheet fragilities and weak capital bases, which means its effects are likely to be broader, deeper, and more protracted," it said.

The report criticizes the "excessive risk-taking" and "weak underwriting" undertaken by under-capitalized institutions and recommends such measures as reform of ratings systems and a change in compensation structures for managers of financial institutions."endquote.

http://news.yahoo.com/s/afp/20080408/pl_afp/imfeconomyfinanceproperty
_080408152731;_ylt=AjZ5OyrLw_9jmDg6G._Zg3hv24cA

The Title of the article at yahoo is dated april 8th 2008 and is called:"US Mortgage Crisis May Cost 945 bln dlrs worldwide:IMF