Article : Subprime Woes Just Beginning, PwC Chief Warns

Nonfinancial companies will be hit next, says DiPiazza. And some, like Bristol-Myers, Ciena, and Lawson, are proving his point.

Stephen Taub
CFO.com | US

February 7, 2008

The next wave from the subprime mortgage crisis will flow past lenders and homebuilders and strike nonfinancial U.S. companies with forced write-downs, the chief executive of PricewaterhouseCoopers warned.

Samuel DiPiazza, chief executive of the Big Four accounting firm, pointed out that many nonfinancial companies were exposed through securities in their own investment portfolios, according to a Reuters report. ...read all...