Mumbai: Four of the largest banks have gone bust. The bubble burst with a thunderous impact, equal to a financial nuclear blast!

These banks had the best financial wizards with years of experience and who were paid astronomical salaries.
 
Surprisingly none them had any inkling of the impending disaster looming in their faces.

The latest to join the bandwagon is Washington Mutual. The US Treasury Secretary Hank Paulson had to literally go down on his knees to get the $700 bn (Rs 32,535 crore approx) sanctioned. The wrangle in the US Senate is still going on. We have to wait and watch for further echoes of this stupendous financial disaster.