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Another subprime shoe drops
Fallout from the subprime mortgage mess has hit Europe. The biggest bank in France, BNP Paribas, won't let investors from take money out of three funds with holdings in U.S. subprime loans. The bank's having trouble determining what these funds are worth. At the end of last month, they were valued at nearly $3 billion. Just last week BNP Paribas said it would be virtually untouched by subprime problems. Now it's 'Katie bar the door.' Overnight bank lending rates in Europe have taken a big jump, and that's likely to spell trouble for Wall Street.
Posted on August 9, 2007 6:31 AM PT | Permalink
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