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Oppenheimer: Credit Crisis Will Extend Into 2009

Posted on May 20, 2008

From Bloomberg: Credit Crisis Will Extend Into 2009, Oppenheimer Says The U.S. credit crisis will extend into and even beyond 2009 as banks will write off more than $170 billion of additional reserves by the end of next year, according to Oppenheimer & Co. estimates. The real harrowing days of the credit crisis are still in front of us and will prove more widespread in effect than anything yet seen,'' analysts led by Meredith Whitney wrote in a research note today. Just as strained liquidity pushed so many small and mid-sized specialty finance companies to beyond the brink, we believe it w...

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