From the New York September issue: Since Lehman Brothers fell two years ago this month, there have been volumes of news reports about the losses that all of the big investment banks have endured on real estate deals.
But who lost the most?
This month, The Real Deal looked at just how much money the biggest surviving banks lost on bad real estate bets. Not surprisingly, losses mounted from 2008 to 2009, as the downturn accelerated.
To arrive at the figures, The Real Deal took the banks’ declared write-offs from the end of 2008 through the first quarter of 2010, using data compiled by the FDIC and in annual reports, and added the recent losses declared by the banks in the second-quarter reports.
The result is a grim picture of how the big banks have been stung. [more]