A large US bank will collapse within few months

[turkeyneck]

Ex-IMF economist sees large U.S. bank collapsing: report

By Steve Goldstein

Last update: 4:34 a.m. EDT Aug. 19, 2008

LONDON (MarketWatch) -- Kenneth
Rogoff, the former chief economist of the International Monetary Fund, reportedly said Tuesday that a large U.S. bank will collapse in the next few months. "We're not just going to see mid-sized banks go under in the next few months, we're going to see a whopper, we're going to see a big one, one of the big investment banks or big banks," Rogoff told a conference in Singapore, according to a Reuters report. End of Story

http://www.marketwatch.com/news/sto...-3C5A-4E37-9E11-D242691970D7}&dist=TNMostRead

 

[eagle]

"That view neglects the point that the financial system has become very bloated in size and needed to shrink," Rogoff told the conference in Singapore.

The above statement from the article does tell that isn't the end of the world. The correction is needed to get back to the healthy level, meaning that no worry for US economy as a whole. It's completely normal that some financial company will collapse, not the financial system itself.

 

[Doji7]

Large bank Citigroup,Merrill Lynch or Lehman???

 

[drsteph]

Most distressing.

 

[cszulc]

This is the reason you have protective puts in WB, C, WFC, JPM, USB, and BAC (yes I own puts in all).

Could be anyone of those, especially C and BAC with their large credit card portfolios.

 

[turkeyneck]

Quote from cszulc:

This is the reason you have protective puts in WB, C, WFC, JPM, USB, and BAC (yes I own puts in all).

Could be anyone of those, especially C and BAC with their large credit card portfolios.

What expiration did you buy? You know this mess can take months or even years to work itself out.

 

[crgarcia]

Exactly which bank?

He isn't saying.
If he's so sure, why doesn't he reveals in depth his analysis?

I'm not saying that financials are in good shape, either.

 

[turkeyneck]

Quote from crgarcia:

Exactly which bank?

He isn't saying.
If he's so sure, why doesn't he reveals in depth his analysis?

I'm not saying that financials are in good shape, either.

He can get into a lot of trouble if he causes a bank run?

 

[Doji7]

Large bank Citigroup,Merrill Lynch or Lehman???

 

[maxpi]

If it's City I helped push them off the edge of the world when I quit working and paying the cards, yessssssssss!!! Work is truly nonprofit, they know where to find you and they know you are powerless, taxes, collectors, all of them....... WIN stands for Work Is Nonprofit baby...... I told one of those collectors not to get pushy with me because I'm out of work but I'm not out of money or time and if I have to find out who/where he is I will do it.. they don't call me anymore....... f%^k 'em all....... 31% and I'm out of the game baby.... I'm feeling like a dog that found a hole in the fence and I've got all day baby... feelin' good nowadays...