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Our poor performance was driven primarily by two factors–significant write-downs and losses on our sub-prime direct exposures in fixed income markets, and a large increase in credit costs in our U.S. consumer loan portfolio," newly minted Chief Executive Officer Vikram Pandit Vikram Pandit said on Tuesday.
And regulators, in particular the Bank of England, need to get their teeth around our unsuitable, highly sub prime exposure to dirty, climate changing oil, coal and gas".
The first unit to turn sour was Household, a Chicago-based sub-prime lender, bought for £9bn in 2003, a time when the term "sub prime" required explanation.
The bill for the industry's sub prime mortgage paper caper tots up to $1 trillion, worldwide.
In many ways, fossil fuels can now be regarded as sub prime assets.
Yet there's not one sub-topic on housing, or the sub prime crisis on his campaign website.
One does not have to delve into the mists of time to remember: only a few years ago these irresponsible loans resulted in our very own sub-prime crisis and its consequences.
Our economy supposedly collapsed because our financial system froze, stopping lending, largely because of the sub-prime mortgage fiasco.
When their last sub-prime mortgage scam went bust, we lost our houses.
Sub-prime mortgages these are not.
And what about sub-prime mortgages?
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com