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Breaking News from Moneynews.com Tilson: Banks Face $1 Trillion of Losses Ahead Whitney Tilson, managing partner of money manager T2 Partners, says banks aren't nearly out of the woods yet, as the credit crisis continues to evolve. Banks already have taken their hits on structured financial products, Tilson says. "The next wave is plain vanilla loans sitting on banks' books that are defaulting at unprecedented rates." Read the Entire Article — Go Here Now.