Bad Paper

Credit Suisse is the latest financial institution to announce large losses related to credit market write-downs. Switzerland’s second largest bank reported a loss of $5.2 billion dollars in the first quarter and the company announced that management was comfortable with the current capital position.

CEO Brady Dougan stated that “things have stabilized a bit in April. While we’re certainly hopeful that things will improve from here, we’re not counting on it.” He also stated that he will manage the bank under the assumption that things will continue to be difficult.