Elaborating on this, Kenny added: "The extent of personal credit, personal wealth created on credit, was done between people and banks – a system that spawned greed to a point where this went out of control completely with a spectacular crash".
By the end of September, the full extent of the credit situation became obvious as major lenders including Citigroup and UBS AG announced major writedowns due to credit losses.
Wall Street, surprised at the extent of the credit losses, pounded the stock, which posted one of its biggest one-day drops as it fell $10.80, or almost 32percentto to close at $23.15.
Second, between March and October of 2007, when it was perfectly clear that the housing bubble had burst, the firm "knowingly disregarded the true extent of the credit risks associated with" securities it rated.
A long-planned analysts' meeting yesterday at the Sears headquarters in Hoffman Estates, Ill., where Sears had hoped to impress investors with its plans for Lands' End and other merchandise, turned into a grilling of senior management over the extent of the credit difficulties.
knew, contrary to its representations to the public, S.&P.'s desire for increased revenue and market share in the RMBS and CDO ratings markets, and its resulting desire to maintain and enhance its relationships with issuers that drove its ratings business, improperly influenced S.&P. to downplay and disregard the true extent of the credit risks," the suit says.
The surprise was the extent of the credit freeze globally.
You have acquired quite a reputation for calling the extent of the credit crisis two or three years ago that something was rotten in the state of Denmark or Wall Street or whatever.
