Needled over the size of his firm’s exposures to collapsing emerging markets, hedge funds, suddenly unsecuritizable real estate and other assets of doubtful value, pushed on how much of its capital the firm might lose if the worst comes to the worst, the chief financial officer of a top-league international investment bank finally loses patience. “It’s not a question of how much capital we’ll lose,” he snaps. “It’s a question of how will we earn a return on the capital we have left.
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