The phrase "large financial losses" refers to significant amounts of money that have been lost or misplaced due to various factors such as poor investment decisions, fraudulent activities, unforeseen events, or other reasons. This can result in a negative impact on the financial stability and well-being of an individual, business, organization, or government entity. The extent of the losses may vary depending on the magnitude of the financial resources involved, and it could lead to consequences such as bankruptcy, liquidation, or insolvency if not addressed promptly.