Mike Mayo: writedowns worse than the Great Depression

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Despite the fact that I can envisage a cyclical upturn this Winter, the menace of bank writedowns is ever-present. One analyst who has been particularly prescient on warning on this front is Mike Mayo, now working at Calyon. Below David Faber of CNBC talks about a recent prediction by Mayo that writedowns will be even worse than the Great Depression. Given the title of this site, I’m sure you realize I sympathisize with this point of view.

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