Write-downs wash away Wall Street profits
In the last year, big banks have written down the value of the assets they hold by a cumulative $107.2 billion.
What a difference a year makes.
In the last 12 months, almost half the profits amassed in a three-and-a-half year stretch of unprecedented growth for Wall Street firms have evaporated, The New York Times reported.
From early 2004 to mid-2007, Wall Street giants earned a combined $254 billion in pr
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