Remember this post. Banks will collapse next year! I hate to see small investors lose everything they have by investing in Banks. The big guys I don't care about. C, B of A, JPM and Wells Fargo are in trouble. Look up Chris Whalen video or recent charts he made about the banks! He is the leading bank expert in the world. Banks can not survive the coming mortgage collapse, part II. They can't sit out on foreclsoures and carry the costs of these properties while the values continue to decline. He also states the interest rate fiasco is a double edged sword. Banks need higher interest rates to make money. Problem is when the rates do rise they will be sitting on trillions in loans at 4% and they will be losing money. PLEASE read up on what Chris Whalen said this past week about the big banks in the U.S.! Remember this post when many banks stock prices are selling for pennies if they are still operating. I know you're thinking now, well the government will bail us out again! NO, they won't have the ability!! FDIC is broke. The government with a split senate and house will be in a deadlock. Repubs will not allow a penny for future bailouts, the dems will be too scared to do anything as the voters are furious over past bailouts and out trillions and trillions in debt and the big banks will collapse! REMEMBER this post!! You have a chance to get out while you have your money!
C will be watched closely for what they say tomorrow because they will be sued to the end of time and some may end up in jail if they sugarcoat the truth about this or give a rosy picture.
Funny. JPM's release seems to defy Whalen's comments.
JPM's expenses are going down. In fact, they're on trend to make about $4/shr this year.
Maybe he was looking at Q1 data.
I would guess C's results will be similar to last quarter's as well. Whether the market reacts positively or sells off on the news is a different issue.
Agreed, an analyst put MS on a deathwatch for 2011, meaniong that they are not expected to survive as a firm. C has spent its existence cheating clients (Larry Hagman) setting up accounts in African Nations (why), and getting sued for infractions too numerous to list. One can hope that the banking system does collapse, finally, and that Citi and the bad banks disappear. Let the honest banks take their deposits. Citi tries to change the subject with their numerous press releases, but if I were a counterparty, or client I would not trust them. I did not keep my money at Citibank because I think the firm is a poorly run enterprise.