Big Surprise: Citi and BoA Fail Stress Test

Tuesday, April 28, 2009

From the Wall Street Journal.

Ken Lewis on life support. Pandit, too (though it really wasn’t his fault).

The real problem here is one, to repeat an oft used explanation, of confidence. No one believes the banks or the government. Any reasonably informed person sees what Geithner and Bernanke are doing and breaks out in a cold sweat. Borrowing and printing money to reinflate a bubble (our economy) is either genius or suicide. To me, it is most assuredly the latter.

We are in for years of topsy-turvy hard times with the outcome far from assured. Forget ripping the band-aid off quickly, they’re wrapping it up in bandages made of dollars. It’s going to hurt a lot more when it finally comes off.


Manic Monday on Wall Street

Monday, September 15, 2008

1-2 Knockout live blogged the Merrill Lynch / Bank of America conference call this morning. BoA is still swallowing Countrywide, and now Merrill. They’re going to cut costs and go global – radical!

Floyd Norris will be live blogging throughout the day at the New York Times. Plus, Dealbook just post that AIG’s stock has been downgraded in advance of anticipated debt downgrades.

Dealbreaker has got gossip (Buffett to AIG’s rescue?).

And, of course, there is CNBC.

Dow down 300 at opening bell…