US investment banks reveal their missing millions

The extent of bank losses throughout the summer's volatility became clearer in September as four of the largest US investment banks reported their latest financial results.

Lehman Brothers, Morgan Stanley, Bear Stearns and Goldman Sachs all revealed gaping holes in their balance sheets from losses sustained in subprime and leveraged loans in the three months to August 31. Yet the damage was not as bad as feared, and spectacular trading results from Goldman helped spark some optimism for the

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