Power Reverse Dual Currency Notes (PRDC), dreamed up by Investment Banks to give the gray haired saver in Japan a little higher yield, have now been found to be a derivative of toxic sewage, tied into the carry trade.
And the losses could hit $90 billion.
Japan's big three banks have portfolio losses of $100 billion on their stock holdings; now we'll have something else to throw in the mix.
And who dreamed up these esoteric PRDC's?
Besides "Japan's Big 3" we have Citigroup, JP Morgan and Goldman Sachs, who got $25 billion, $25 billion and $10 billion respectively of taxpayer bailout money, and now want the taxpayer to subsidize their year end bonuses!
Read the whole story here without my editorial bias!