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From the FT: Charlie Munger foresees more pain for banks – but not as bad as 2008
Munger has warned of a brewing storm in the US commercial property market, with American banks “full of” what he said were “bad loans."
By Eric Platt and Harriet Agnew in Los Angeles for The Financial Times
Charlie Munger has warned of a brewing storm in the US commercial property market, with American banks "full of" what he said were "bad loans" as property prices fall.
The comments from the 99-year-old investor and sidekick to billionaire Warren Buffett come as turmoil ripples through the country's financial system, which is reckoning with a potential commercial property crash following a handful of bank failures.
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