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An increase in wages, dip in broadcast revenues and a £29.4m write down of player values contributed to the deficit.
That included a hit of 534 million euros it took in writing down the value of its Greek bond holdings in the second quarter of 2011.
On that basis, the world has had no compunction in writing down the value of the United States over the past several years.
Results were hurt by a $352 million loss the company took in writing down the value of its subprime holdings.
Of the £10.2 billion pre-tax loss announced by mmO2, almost £6 billion went in writing down the value of 3G licences in Britain and Germany.
Because many venture capital firms have been slow in writing down the value of their assets, the red ink is bound to thicken.
But Oppenheim feels both have proven themselves the most realistic in writing down the value of their landholdings.
Wells Fargo also took nearly $900 million in write-downs on its own portfolio of loans.
For many people there is a sense of satisfaction in writing down results by hand.
It also raises cash for Citigroup, which has suffered more than $40 billion in write-downs of risky mortgages and other bad investments.
LONDON — Credit Suisse shook the markets on Tuesday when it announced that pricing errors by traders on asset-backed securities would result in write-downs of $2.85 billion.
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