Total Write-offs Stemming from the Credit Crisis may Total $1.3 Trillion

John Paulson, a top-earning hedge fund manager in 2007, observed, “We’re only about a third of the way through the writedowns,” adding, “There are a lot of problems out there and it will continue to be felt through the year. We don’t see any signs of stabilizing.” Paulson predicts that total write-offs stemming from the credit crisis may total $1.3 trillion. A recent report by the IMF echoed these sentiments, noting that the US economy would likely “stagnate” despite tax rebates and low interest rates.

Source: US: Bear Stearns hedge fund managers indicted

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