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
Full Article at:http://www.thedailybeast.com/blogs-and-stories/2009-02-22/the-real-reason-bank-stocks-are-tanking/full/