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February 4, 2008

All Business: Credit troubles spread to some unlikely places

  • You'd think nonfinancial companies would be safe from the housing and mortgage market collapse. Not so.
    • By RACHEL BECK
    AP Business Writer

    NEW YORK — Finding a place to hide out during the credit crisis is getting trickier now that bad debts are haunting some seemingly secure corners of the marketplace.

    You'd think nonfinancial companies would be safe from the housing and mortgage market collapse. Not so. Pharmaceutical company Bristol-Myers Squibb Co. took a $275 million charge in the fourth quarter to write-down its subprime-backed investments, and it warned that other companies could face similar problems.


     
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