"If a year ago you had suggested that the global banking sector would be mired with write-downs of £50bn and rights issues to come, you would have been carted off to an asylum.
But that is just what has happened, with the likes of Merrill Lynch, UBS, Morgan Stanley and Citigroup forced to go cap in hand to wealthy sovereign funds in the East looking for cash to plug their gaps. "
The Independent, February 11, 2007
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