insolvent

(Newser) - Former tennis champion Boris Becker went on trial Monday in London for allegedly concealing property—including nine trophies—from bankruptcy trustees and dodging his obligation to disclose financial information to settle his debts. Prosecutors said Becker, 54, "acted dishonestly" when he hid or failed to hand over assets before...

(Newser) - In the corridors of Wall Street and Washington, a worrying consensus is growing: Some of the nation's largest banks are in fact insolvent. If banks reassessed the value of the complex mortgage-backed securities that taint their balance sheets, they would outweigh all assets on hand, writes Steve Lohr of the...

(Newser) - A New York University professor who predicted the current economic crisis warns that losses at US banks could climb to $3.6 trillion, leaving the whole system essentially bankrupt, Bloomberg reports. Economist Nouriel Roubini argues that since the system has a base capitalization of just $1.4 trillion, if losses...