Tag Archives: global economy

US Banks Exposure to PIGS

‘Doomsday’ is a term used with alarming frequency in recent articles.  The reasons are many, but I only just learned that the global economy is under threat in yet another way:  big U.S. banks have something like 15% of their total commercial banking assets at risk in Europe.  I don’t see how another financial crisis can be avoided, and my worst fear is that it will be a lot worse than the last one.  I hope I’m wrong, but it seems prudent to get out of any connections with the following banks and their exposure to PIGS.

Bank of America – $14.6 billion, Citibank – $20.6 billion, and JP Morgan Chase – $15 billion.