The continued weakness of commodity prices has also hit industry, with many firms reliant on supplying or servicing the North Sea oil sector.
Venezuela's vice president, José Vicente Rangel, told reporters on Thursday that Washington was violating the contract by not providing parts or servicing.
Professor Porter said litigation was emerging along two fronts: homeowners are contesting foreclosures, and investors are charging that shoddy loan originations or servicing have increased their losses.
Bank of America said on Tuesday that it would lay off 650 people on top of the previously announced 500 and retrench in a number of significant businesses, including certain trading operations and prime brokerage, or servicing hedge funds.
The usual answer from economists, and the United States' position for decades, is that the world benefits most if every country specializes in growing (or servicing or making) what it can most efficiently, and trading for the rest.
As Davis put it at that year's annual partners' meeting, "We cannot ask those of you who work hard every day either getting clients or servicing our business to continue to carry those seriously and continuously underperforming partners".
