Bank bloodbath
Nervous investors mull more potential bank failures
Excerpt:
Bank stocks were under intense selling pressure Monday as investors and analysts worried that worsening housing and credit problems could claim more banks after the failure of IndyMac Bancorp Inc.
Regional-banking shares led the decline in the financial-services sector on Monday. Among the biggest losers were National City Corp. (NCC:National City Corporation
National City shares were briefly halted Monday amid a panic-driven plunge before the company in a statement tried to quell what it labeled market rumors. "National City is experiencing no unusual depositor or creditor activity," the Cleveland-based bank said. Still, investors shrugged off the news and the shares were down more than 20% at last check.
Meanwhile, WaMu shares were off 30% in afternoon trading. Lehman Brothers analysts in a report Monday said WaMu could be forced to "substantially" boost its reserves to cover an estimated $28 billion of losses on the balance sheet, with $21 billion coming from mortgages. They said home prices and mortgage credit are showing no signs of stabilizing.
Comment: Wells Fargo announces 2nd QTR earnings tomorrow
JP, or anyone else. I never claimed to be a hip guy or in on all the stuff the cool kids are into. Am I just completely out of the loop on something lately? Most cars have automatic lights these days that just come on by themselves when it's dark. What's with all the cars lately driving with their lights on - during the day? Not just one, but thousands. Am I so completely out of it that I am missing something? Is there some sort of social protest taking place whereby we are showing our disgust at high gas prices or bad bank stocks by turning our lights on during the day?
ReplyDeleteThere was a study that suggested that daytime running lights reduce accidents by making it obvious to other drivers that your car is actually there. I save about $50/year, I think, on my car insurance because of this. Hence, GM, Saab, and others are putting them on cars.
ReplyDeleteMaybe I am just oblivious and it's been going on for a long time, but I actually have not noticed this until the past few days. It's not just a couple, it's thousands of cars, and they are of all makes and brands.
ReplyDeleteMy wife's 1994 Olds had it.
ReplyDelete