3rd QUARTER 2008
Quarter Ended 9/30/2008
Once in a Lifetime
Credit spreads widened to levels far in excess of levels witnessed before.  At the core of the widening was a continuous loss of confidence in the financial and political institutions.

2nd QUARTER 2008
Quarter Ended 6/30/2008
Equity Crunch
To date, commercial and investment banks have taken approximately $400 billion in losses and write-downs worldwide.

1ST QUARTER 2008
Quarter Ended 3/31/2008
Liquidity at a Premium
Confidence among financial institutions was shaken, they pulled back from lending, and several over-leveraged players were forced to the brink of bankruptcy.