http://www.nytimes.com/2009/02/13/business/economy/13insolvent.html?hp
Not a real surprise, but still scary.
Not a real surprise, but still scary.
NY Times: Large Banks on the Edge of Insolvency
- Thread starter chanelops
- Start date
DUH! I had to check the date on that article, and yes, it's current.
Someone call the New Your Times and tell them a war broke out in Iraq, not the second one, the first one.
Better let them know JFK was assassinated too, just in case.
They are still quoting 2.2T as if that will be the extent of it. If the new data out of Europe placing their lossess at between $6T and $22T and Mr Mortgages numbers for domestic losses are to be believed then we are likely looking at additional writedowns in the US alone of $4T-7T before all this is over. I think that this is why Geithner's speech and testimony was received so poorely by the markets, those in the know feel that while he is talking about being aggressive and getting out ahead of the problem if he is also using athe figure of up to 1T for the bailou they have no confidence in what he is saying.
Its like someone saying that the experts are now here to help you move the mountain and they show up with a shovel when you know that explosives are needed.
Its like someone saying that the experts are now here to help you move the mountain and they show up with a shovel when you know that explosives are needed.
Quote from kxvid:
I hope BofA dosen't fail. Got money in a futures account there.
I took all of my money out of Bank of America earlier this week. The manager asked me why I was doing so. I said because of the news that it might be taken over by the US government. He said that will never happen because Bank of America is the largest bank in America. I said, I sure hope not. Then I asked him to complete the wire.
The kicker is, I tried to put the money into a short term treasury fund at Schwab. All such funds that they use are closed to new investors. Now I am going to have to transfer the money to a different brokerage house after I find one that has a short term treasury fund I can park my money in.
Quote from kxvid:
I hope BofA dosen't fail. Got money in a futures account there.
Nah.
Too many retiree and biz accounts there.
The gov't will prop it up, and it will be a zombie, widows & orphans bank - like a utility.
