Well, that's money gone down the crapper.
From HuffPo and Bloomberg:
Oct. 27 (Bloomberg) -- Asian stocks tumbled for a fourth day, led by the Philippines, on concern government measures will fail to support growth and prevent more emerging market economies from seeking bailouts from the International Monetary Fund.
Philippine's benchmark index plunged 12 percent, triggering a temporary trading halt, after Ukraine became the fifth nation to ask for IMF help. South Korea's Kospi Index fell 3 percent, paced by Hyundai Heavy Industries Co., as a record interest-rate cut spurred concern the country's economic slump will be more severe than expected. Mitsubishi UFJ Financial Group Inc. slid 11 percent after the Nikkei newspaper said the bank will need to raise funds.
``This is a bloodbath,'' said Jonathan Ravelas, chief market strategist at Banco de Oro Unibank Inc., which has more than $6 billion in trust assets under management. ``The market continues to focus on the negative economic effects of the financial crisis instead of the actions taken by governments and central banks to restore confidence.''
.....
Trading on the Philippine exchange was suspended for 15 minutes after the benchmark index sank by 10 percent, the steepest decline since October 1987. The index closed down 12 percent. Banco de Oro Unibank Inc., the second-largest Philippine bank, lost a record 19 percent to 23.75 pesos after its nine- month profit fell.
The Philippine currency slid for the fifth day against the dollar on speculation overseas investors will continue to cut their holdings of the nation's assets. The peso fell 0.7 percent to 49.335, bringing this year's loss to 15 percent.
Not invested with Banco de Oro, but I have money there. What sucks is that I have bonds in AIG, which is the poster child for the profligacy that caused this shit to happen in the first place.
But, y'know. I blame Bush.
Oct. 27 (Bloomberg) -- Asian stocks tumbled for a fourth day, led by the Philippines, on concern government measures will fail to support growth and prevent more emerging market economies from seeking bailouts from the International Monetary Fund.
Philippine's benchmark index plunged 12 percent, triggering a temporary trading halt, after Ukraine became the fifth nation to ask for IMF help. South Korea's Kospi Index fell 3 percent, paced by Hyundai Heavy Industries Co., as a record interest-rate cut spurred concern the country's economic slump will be more severe than expected. Mitsubishi UFJ Financial Group Inc. slid 11 percent after the Nikkei newspaper said the bank will need to raise funds.
``This is a bloodbath,'' said Jonathan Ravelas, chief market strategist at Banco de Oro Unibank Inc., which has more than $6 billion in trust assets under management. ``The market continues to focus on the negative economic effects of the financial crisis instead of the actions taken by governments and central banks to restore confidence.''
.....
Trading on the Philippine exchange was suspended for 15 minutes after the benchmark index sank by 10 percent, the steepest decline since October 1987. The index closed down 12 percent. Banco de Oro Unibank Inc., the second-largest Philippine bank, lost a record 19 percent to 23.75 pesos after its nine- month profit fell.
The Philippine currency slid for the fifth day against the dollar on speculation overseas investors will continue to cut their holdings of the nation's assets. The peso fell 0.7 percent to 49.335, bringing this year's loss to 15 percent.
Not invested with Banco de Oro, but I have money there. What sucks is that I have bonds in AIG, which is the poster child for the profligacy that caused this shit to happen in the first place.
But, y'know. I blame Bush.