UP THE VOLGA WITHOUT A CALCULATOR

At this point, banks can’t figure their exposure

By Gary Silverman in New York

The banks had to say something.  As their share prices crumbled in response to Russia’s default on August 17th, financial institutions around the world have scrambled to come up with numbers for their Russian losses.  And that raises a question: is that all there is?

Just as perplexing is how to account .for derivatives and hedge fund losses.  Capital Market Risk Advisors estimates total Russian derivatives exposure could be $65 billion. 

September 14, 1998