It would be something of an understatement to say 2008 has been a difficult year for anyone involved in the credit business. And, when the dust finally settles on the current crisis, the International Monetary Fund estimates $1.4 trillion of losses will have been taken by financial institutions globally.
Given that credit assets have caused the bulk of the damage - in particular, subprime mortgages and leveraged loans - some questioned whether a portion of blame laid with the credit portfolio
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