Banking Losses to Hit $1.6-Trillion

Paul Kedrosky finds an article in a Swiss paper on a study by the 2nd largest hedge fund in the world, Bridgewater, that estimates the final hit on the credit crunch at $1.6 trillion.

Yes, that's trillion with a T, and my guess is that the number is too low.

Why, because even the most bearish of bears, Noriel Roubini, has admitted that he underestimated the size of the bubble and the resulting size of the collapse.