Monday, February 23, 2009

Daily Beast: The Real Reason Bank Stocks Are Tanking

As late as Friday, even as their stocks tanked, America’s banking leaders were still in denial. No wonder they have no credibility.

So why are our largest money-center banks—you know, the ones that are supposed to be the survivors of the financial crisis, like JPMorgan Chase, Citigroup, Bank of America, and Wells Fargo—in the process of a further, and possibly fatal, meltdown? Last week alone, Citigroup’s stock fell by one-third, JPMorgan’s fell 13 percent, and the shares of Bank of America and Wells Fargo each fell 25 percent...

by William D. Cohan

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