2008 has seen the most banking collapses since the 1929-1932 Great Depression. Bernard Hickey reviews the US sub prime fallout and how it has infected the world's banking system, and shaking it to its foundations.
The first large institution to go was the giant British mortgage bank, Northern Rock. The crisis next hit Bear Stearns, Fannie Mae, Freddie Mac, Lehman Bros, and AIG. But what was most surprising was how many venerable European institutions that have been tangled in this web of dodgy derivatives.