Word: banke
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...reason Citi stock is higher is simply that the market thinks that most of the trouble at the bank is over. That may not be true at all, but traders are gamblers and they going are "all in" on Citi. (See pictures of the global financial crisis...
...Goldman has repeatedly declared that its exposure to AIG was "immaterial" and fully hedged. But some rivals point to the fact that Goldman had uncharacteristically piled into contracts with a single counterparty. "I am shocked that Goldman had this much exposure [with AIG]," says an analyst at a competing bank. "This was a major failing, but they got bailed...
...Lastly, the Obama Administration will need perhaps $750 billion in new funding merely to stabilize U.S. banks, which it hopes will be enough to ease the credit markets, stimulate lending and get the economy moving again. There's no telling what kind of political wrangling will happen over that, but one thing seems certain: if you are an executive of a bank that gets federal money, it wouldn't be a smart idea to count on a bonus...
...starting point of the rally in the bank's shares is when its CEO said that it has made money in the first two months of the year. It could still lose $10 billion this month. The market seems willing to ignore that. (See the 25 people to blame for the financial crisis...
Still, as Democrats weigh another bank bailout and a potential second stimulus bill, the global-warming legislation may get knocked another rung down the ladder - a terrible waste of a rare opportunity for dramatic action, in the eyes of U.S. environmentalists still smarting from the Bush Administration's pullout from the Kyoto Protocol. "Right now we have a degree of flexibility [regarding] what we need to do and what other countries are willing to do," says David Doniger, policy director at the NRDC's Climate Center. "That tremendous opportunity may be lost at this moment if this drags...