First ICICI Bank, then L&T, what is next?

Posted by on March 12th, 2008 at 01:58am

macZOT! wrote an interesting post today on
Here’s a quick excerpt
I am not really amazed by the recent developments in Indian financial markets-  losses in derivative markets. It started with ICICI Bank, then we had news of L&T and I wouldn’t be surprised if we hear more such cases. The ICICI Bank press release says the bank had no direct and indirect exposure to the subprime markets in US but the losses have been due to widening of credit spreads. This has resulted in mark to market losses. It points to two losses: 1)  Credit derivatives: ICICI Bank a

Read the rest of this great post here

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