Stat: Financial Services

While many financial institutions teetered on the brink of collapse or were about to be absorbed by a slightly better run rival, 2008 also witnessed individual portfolios go through the blender, mortgages defaulted upon in record numbers and, for the first time in American history, a negative savings rate. And despite the big hopes for the new administration, 2009 may not be that much different, for the hole is deep – and the way out is steep.